Best Ichimoku Setting for H4 Gold Chart

How to Add Ichimoku Indicator in MetaTrader 4 XAUUSD Charts

Step 1: Open MT4 Software Navigator Window Panel

Open MT4 Navigator window panel as displayed below - Navigate to "View" menu (then click it) and then choose the "Navigator" window (click), or From Standard Tool Bar click the "Navigator" button key or use keyboard shortcut keys "Ctrl+N"

On MetaTrader 4 Navigator window, choose "Technical Indicators", (DoubleClick)

Best Ichimoku Settings for 1 Hour XAUUSD Chart - Best Ichimoku Settings for 4 H Gold Chart

Step 2: Expand the Gold Technical 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 MetaTrader 4 indicators so as to add the Ichimoku gold indicator on the xauusd chart.

Best Ichimoku Settings for 1 Hour XAUUSD Chart - Best Ichimoku Settings for 4 H Gold Chart

How to Add Custom Ichimoku Indicator on MT4

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 in MetaTrader 4 platform & then compile custom Ichimoku gold indicator so that the newly added Ichimoku custom gold indicator pops up on the list of custom indicators in MetaTrader 4 software.

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

Ichimoku Gold Technical Indicator Described

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 the likely direction of xauusd price & help the trader to figure out the most suitable time to enter or exit the xauusd trading market.

Best Ichimoku Setting for Gold Swing Trading - Best Ichimoku Settings for Scalping Gold Trading

Calculation

Ichimoku technical indicator consists of five lines drawn using the midpoints of previous highs and lows. The five lines are calculated as follows:

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

2) Kijun-Sen: Base Line: Blue Line (Highest High + Lowest Low) / 2, for the 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 + the Lowest Low) / 2, for the past 52 xauusd price periods, plotted 26 xauusd price periods ahead

Kumo: Cloud: area between the Senkou Span A and B

Ichimoku Gold Technical Analysis & Generating XAUUSD Ichimoku Signals

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

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

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

Best Ichimoku Setting for Gold Swing Trading - Best Ichimoku Settings for Scalping Gold Trading

Bullish gold crossover signal occurs above the Kumo (clouds),

Very strong buy signal.

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

Very strong sell 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 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 signal.

Support & Resistance Levels

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

• If xauusd price is above the Kumo, the prevailing xauusd price trend is said to be upwards xauusd price trend.
• If xauusd price is below the Kumo, the prevailing xauusd price trend is said to be downwards xauusd price trend.

The Chikou Span or Lagging Span is also used to determine the strength of the buy or sell 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 xauusd price trend is downwards, otherwise the gold signal is considered to be a weak sell signal.
• If there is a buy signal & 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 signal.

Best Ichimoku Settings for 1 Hour XAUUSD Chart - Best Ichimoku Settings for 4 H XAUUSD Chart - Best Ichimoku Setting for XAUUSD Day Trading - Best Ichimoku Settings for Gold Swing Trading - Best Ichimoku Settings for Scalping Gold Trading