The "Stochastic Ichimoku" indicator for Metatrader 4
This indicator gives signals when stochastic lines cross in the direction of a trend. The trend is determined by the price position relative to the Ichimoku cloud.
- Flexible settings:
- filtering signals by bullish/bearish bars (parameter "BUY - the bullish bar only; SELL - the bear bar only");
- setting levels of Stochastic crossing (parameters "BUY-signal if Stochastic below this level" and "BUY-signal if Stochastic below this level")
- ability to use the Ichimoku cloud of higher timeframes (parameter "Shift TF of Ichimoku relative to the current TF").
- Label in the upper right corner will show you the trend direction:
- arrow up indicates that the price is above the Ichimoku cloud;
- arrow down indicates that the price is below the cloud;
- O - the price is in the cloud (flat: in this case the signal will not be generated).
- The signal is given not only when the bar is closed (formed signal), but also on the current bar which is not closed yet (probable signal). It gives you time to analyze the market situation and allows you to take a time when making a decision and calculating trade parameters.
- Emails and push notifications to mobile devices (parameters ON/OFF-Mail and ON/OFF-Push).
- The indicator can generate a signal for early exit from the trade when lines of the Stochastic are reversely crossed (against the trend).
You can enable and disable this option using a button in the lower right corner of the chart (adjustable parameter). Enable this button only if you are in the market and wish to close a deal according to reverse crossing of the Stochastic. You can remove this button from the chart if you do not need this option (“ON/OFF - Reverse signal button”=false)
Good results are obtained, if you set a timeframe of the Ichimoku cloud one or two level higher than the current one (parameter "Shift TF of Ichimoku relative to the current TF"). For example you attach the indicator to a chart with М30 and set the parameter to 1. This is the H1 timeframe of the Ichimoku cloud.