The Ichimoku Alert Forex indicator for Metatrader 5 creates trading alerts based on the popular Ichimoku technical indicator.
This indicator is a simplified version of the classic Ichimoku indicator and it works pretty well, even for beginners.
It consists of the tenkan-sen and kijun-sen components and draws two signal lines on the chart.
How to spot a buy or sell trend?
- A buy trend occurs when the red line crosses above the blue line from below.
- A sell trend occurs when the red line crosses below the blue line from above.
The indicator does not repaint and works equally well for newbies and seasoned traders alike.
The indicator contains the following inputs and parameters: tenkan-sen, kijun-sen.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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IchimokuAlert.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Ichimoku Alert indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Ichimoku Alert Forex Indicator?
Find a simple trading example below:
Buy Signal
- A bullish signal is given when the red Ichimoku Alert line crosses the blue line bottom-up.
- Open a buy transaction and place your stop loss below the most recent support zone.
- Close the buy trade for a fixed take profit target, or wait for a sell signal.
Sell Signal
- A bearish signal is given when the red Ichimoku Alert line crosses the blue line top-down.
- Open a sell transaction and place your stop loss above the most recent resistance zone.
- Close the sell trade for a fixed take profit target, or wait for a buy signal.
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IchimokuAlert.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the IchimokuAlert.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration