Ichimoku Kinko Hyo System
This software component for MetaTrader 4 is built to enhance the capabilities of your trading environment. This Expert Advisor serves as automated trading software. It is utilized to monitor financial markets and execute trades based on predefined algorithmic rules, enabling precise position management without the need for constant manual oversight.
How to Setup and Use Ichimoku Kinko Hyo System
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
Description & Settings
This EA is based entirely on the Ichimoku Kinko Hyo system. Trades are opened when the chinkou span crosses the price action, cross up for long, cross down for short. Long trades must be confirmed by: price action above kumo, chinkou span above kumo and the overall kumo size in pips must be greater than the user input kumo size threshold. For shorts it is the opposite. Orders are closed by one of three ways. There is a hard stop loss, input in the settings as a percentage risk of account balance, e.g. .02 for 2% risk. The order will also close if the price action closes opposite the kijun-sen, or the chinkou span crosses the price action again. If MM is set to true, it uses ATR based position sizing.
Best pairs are JPY pairs, mainly USDJPY. It shows promise on Gold too, but you have to change the kumo variable to *100 instead of the current *1000 in the source code.
November optimized settings for December trading: USDJPY H1, kumo threshold: 120, failsafe:0, orderstoplossrisk: .02, MM true, ATR Multiplier 2, Risk: 2
Take it with a grain of Ichi salt.
