XM a Ichimoku Channel
Info
The XM a Ichimoku Channel is a Indicator for MetaTrader 5 that in this indicator, moving averages are calculated similarly to those in (see ), and the envelopes are constructed subsequently. Indicator input parameters:The indicator offers a selection of ten smoothing types:- Simple Moving Average;- Exponential Moving Average;- Smoothed Moving Average;- Linear Weighted Moving Average;- Adaptive Moving Average (JMA);- Ultra Linear Smoothing;- Parabolic Smoothing;- Tillson's Multiple Exponential Smoothing;- Tushar Chande's Smoothing Algorithm;- Perry Kaufman's Smoothing Algorithm.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use XM a Ichimoku Channel
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
In this indicator, moving averages are calculated similarly to those in (see ), and the envelopes are constructed subsequently.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Mediana Trendline: MTF Parallel Channel Indicator - another powerful indicator for MetaTrader 5 traders.
In this indicator, moving averages are calculated similarly to those in (see ), and the envelopes are constructed subsequently.Also recommended: Channel Sun Signals Indicator - similar indicator with strong performance on MetaTrader 5.
Indicator input parameters:
The indicator offers a selection of ten smoothing types:
- Simple Moving Average;
- Exponential Moving Average;
- Smoothed Moving Average;
- Linear Weighted Moving Average;
- Adaptive Moving Average (JMA);
- Ultra Linear Smoothing;
- Parabolic Smoothing;
- Tillson's Multiple Exponential Smoothing;
- Tushar Chande's Smoothing Algorithm;
- Perry Kaufman's Smoothing Algorithm.
It's important to note that the 'phase' parameter has distinct meanings across different smoothing algorithms. For JMA, 'phase' is an external variable ranging from -100 to +100. In T3, it's a smoothing ratio multiplied by 100 for better visualization. For VIDYA, it represents the period of the CMO oscillator, and for AMA, it's the slow EMA period. These parameters do not influence the smoothing of other algorithms. In AMA, the fast EMA period is typically a fixed value of 2, and the power growth factor is also set to 2.
This indicator utilizes the smoothalgorithms.mqh class library (which should be copied to terminal_data_folder\mql5\include). The usage of this class is explained in detail in the article .
The indicator was initially implemented in MQL4 and published on 04.10.2022.
You may also like: Breakout Distance - Donchian Channel with Distance-to-Trigger Panel in ATR Units - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property version "1.00"
#property indicator_chart_window
#property indicator_buffers 3
#property indicator_plots 3
#property indicator_type1 draw_line
#property indicator_color1 blue
#property indicator_style1 style_dashdotdot.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.