When working with Multiple Time Frames you get a better overview of the whole picture and Ichimoku MTF Indicator for MT4 you can achieve just this.
Based on a four time interval, this indicator is used in analyzing forex market data from the prices at a given time. In addition to this, the indicator presents the data just as a trading system would with all the lines being the middle of price ranges for a given time period. The design and parameterization in the indicator allows for estimation of both bullish and bearish trends. Consequently, all the lines are affected by new entries leading to instant creation of the minimum or maximum values for the period under evaluation. In this case, Tenkan-sen indicates the average price value within the first time interval. This is obtained by summing the maximum and minimum values then dividing the sum by two. On the other hand, Kijun-sen shows the average price value for the second time interval. The middle figure between Tenkan-sen and Kijun-sen is indicated as Senkou Span A while the average price value of the onward shift between the third time interval and the second time interval. The closing price for the current candle with a backward shift towards the second time interval is called Chikou Span. The space between Senkou lines is called the cloud.
Ichimoku MTF Indicator for MT4 / MetaTrader 4 is able to show you Ichimoku information on different timeframes. For example if you are on 60min timeframe you can insert this indicator to show you data for 30min timeframe. Or you can get 4 hour Ichimoku on your 30min TimeFrame. Additional to all this you can always use multiple Ichimoku timeframes on same chart! This will give you a better overview of the whole picture.
In order to not miss any trades you should use Ichimoku Alert Indicator together with this one.
This are the available settings for Ichimoku MTF Indicator:
- TimeFrame: timeframe for your Ichimoku MTF Indicator you want to show on your chart
- Tenkan: Tenken-sen settings
- Kijun: Kijun-sen settings
- Senkou: Senkou Span settings
How to install Ichimoku MTF Indicator in MetaTrader 4 / MT4:
- Download/Copy/Save the MQ4/EX4 file into your C:\Program Files\MetaTrader 4\experts\indicators folder (or change the folder to your installation sometimes forex broker name)
- Restart your MetaTrader 4 application (assuming it’s currently open) … or Launch your MetaTrader 4 application
- On the left hand side, look for the “Navigator” window and under the “Common” tab, look into the “Custom Indicators” section
- Locate the indicator which you have just downloaded into the folder stated in Step 1
- Drag (Click and drag) the indicator onto the chart
- Choose your settings and click OK.
- TADA and your done!