Best Ichimoku for 4 H XAUUSD Chart

How to Add Ichimoku Indicator on MetaTrader 4 XAUUSD Charts

Step 1: Open Navigator Window on XAUUSD Trading Platform

Open Navigator window as shown below - Go to 'View' menu (then click it) & then choose 'Navigator' window (click), or From the Standard Tool bar click the 'Navigator' button key or press the key board shortcut keys 'Ctrl+N'

On Navigator panel, choose "Technical Indicators", (DoubleClick)

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Step 2: Expand the Gold Trading Indicators Menu on the Navigator

Expand the menu by clicking the expand button marker (+) or double click the 'indicators' menu, after this the button will appear as (-) and will now display a list as shown below - select the Ichimoku gold indicator from this list of gold indicators so as to add the Ichimoku gold indicator on the xauusd chart.

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How to Add Custom Ichimoku Indicator to MetaTrader 4

If the Ichimoku gold technical indicator you want to add is a custom indicator - for example if the Ichimoku technical indicator you want to add is a custom Ichimoku indicator you will need to first add this custom Ichimoku gold indicator on the MT4 platform & then compile custom Ichimoku gold indicator so that the newly added Ichimoku custom gold indicator pops up on the list of custom indicators on the MT4 software.

To learn how to install Ichimoku indicator on MetaTrader 4, how to add Ichimoku gold indicator panel to MT4 and how to add Ichimoku custom indicator in MT4 - How to add a custom Ichimoku xauusd indicator in MetaTrader 4.

Ichimoku Gold Technical Indicator Meaning

Ichimoku Technical Indicator

Ichimoku is a Japanese charting technique

• Ichimoku means 'a glance' or 'one look'
• Kinko means 'equilibrium' or 'balance'
• Hyo is the Japanese word for "chart"

Thus, Ichimoku means, 'a glance at an equilibrium chart'. Ichimoku technical indicator attempts to spot likely direction of xauusd price and help the trader to figure out the most suitable time to enter or exit the xauusd market.

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Calculation

Ichimoku indicator consists of five lines plotted using midpoints of previous highs & lows. Five lines are calculated as follows:

1) Tenkan-Sen: Conversion Line: Red Line (Highest High + Lowest Low) / 2, for last 9 xauusd price periods

2) Kijun-Sen: Base Line: Blue Line (Highest High + Lowest Low) / 2, for last 26 xauusd price periods

3) Chikou Span: Lagging Span: Green Line Today's closing xauusd price plotted 26 xauusd price periods behind

4) The Senkou Span A: Leading Span A = (Tenkan-Sen + Kijun-Sen) / 2, drawn 26 xauusd price periods ahead

5) Senkou Span B: Leading Span B: (Highest High + Lowest Low) / 2, for the past 52 xauusd price periods, plotted 26 xauusd price periods ahead

Kumo: Cloud: area between Senkou Span A and B

Ichimoku Gold Technical Analysis & How to Generate XAUUSD Ichimoku Signals

Bullish gold signal - Tenkan-Sen crosses the Kijun-Sen from below.

Bearish gold signal - Tenkan - Sen crosses Kijun - Sen from above.

However, there are different levels of strength for the buy & sell xauusd trade signals generated.

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Bullish gold crossover trading signal forms above the Kumo (clouds),

Very strong buy xauusd trade signal.

Bearish gold crossover trading signal occurs below the Kumo (clouds),

Very strong sell xauusd trade signal.

If a bullish cross-over signal or bearish crossover signal takes place within the Kumo (clouds) it's considered a medium strength buy or sell xauusd trade signal.

A bullish gold crossover signal that occurs below the clouds is considered a weak buy signal while a bearish gold crossover signal that occurs above the clouds is considered a weak sell xauusd trade signal.

Support and Resistance Levels

Support and resistance levels can be predicted by the presence of Kumo (clouds). The Kumo can also be used to identify the current gold trend of the xauusd price.

• If xauusd price is above the Kumo, the prevailing gold trend is said to be upward xauusd trend.
• If xauusd price is below the Kumo, the prevailing gold trend is said to be downward xauusd trend.

The Chikou Span or Lagging Span is also used to determine the strength of the buy or sell xauusd trade signal.

• If the Chikou Span is below the closing xauusd price of the last 26 periods and a sell signal is given, then the strength of the gold trend is downwards, otherwise the gold signal is considered to be a weak sell xauusd trade signal.
• If there is a buy signal and the Chikou Span is above the xauusd price of the last 26 periods, then the strength of the xauusd price trend is to the upside buy signal, otherwise it is considered to be a weak buy xauusd trade signal.

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