The Cronex Ichimoku Forex MT4 indicator consists of the following components: Tenkan, Kijun and Senkou.
It’s based on the famous Ichimoku Kinko Hyo technical trend following cloud trading indicator.
Finding a good entry price to go long or short is quite simple with this special version of the Ichimoku Kinko Hyo indicator.
A valid buy signal occurs when the price bar is positioned above all Cronex lines (gray, red, green and orange). The overall trend is bullish.
A valid sell signal occurs when the price bar is positioned below all Cronex lines (gray, red, green and orange). The overall trend is bearish.
The default Cronex Ichimoku indicator values (9, 26, 52) can be fully modified from the inputs tab.
This indicator is doing well for scalping, day trading, swing trading and any other trading instrument that can be traded on Metatrader 4.
The EUR/USD 15-Minute chart below displays the Cronex Ichimoku Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Cronex Ichimoku MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Go long when price crosses and closes above all Cronex Ichimoku indicator lines from below.
Sell Signal: Go short when price crosses and closes below all Cronex Ichimoku indicator lines from above.
Trade Exit: Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (Tenkan, Kijun, Senkou) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the cronex-taichi-indicator.mq4 into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)