Ichimoku Kinko Hyo System - MetaTrader 4 Expert - MT4/MT5 Resources

This EA is completely based on the Ichimoku Kinko Hyo system. A trade is initiated when the chinkou span crosses the price action, with an upward cross being a long and a downward cross being a short. Long trades must be confirmed by the following conditions: price action is above the kumo, the chinkou span is above the kumo, and the overall kumo size (in points) must be greater than the user-entered kumo size threshold. The opposite is true for shorts. Orders can be closed in one of three ways. To have a hard stop, enter the risk percentage of your account balance in the settings, e.g. .02 for 2% risk. The order will also be closed if the price moves in the opposite direction to the kijun-sen, or if the chinkou span crosses the price move again. If MM is set to true, ATR-based position sizing is used.

The best currency pair is the Japanese Yen currency pair, primarily USDJPY. It also shows the prospect of Gold, but you have to change the kumo variable to *100 instead of the current *1000 in the source code.

November optimization settings for December trading: USDJPY H1, kumo threshold: 120, failsafe: 0, order stop risk: 0.02, MM true, ATR multiplier 2, risk: 2

Take with a grain of market salt.

Attachment download

📎ichimoku-chinkou-hyo_system_1.mq4 (18.73 KB)

Source: MQL5 #16972