The Ichimoku Forex oscillator designed for Metatrader 5 is a highly effective crossover trading system that exclusively relies on the renowned Ichimoku trading method.
This indicator is presented in a dedicated chart window as a yellow and red colored line.
When both of these lines intersect, a signal to either buy or sell is generated.
The Ichimoku oscillator remains consistent and does not repaint the signal lines, making it suitable for both novice and experienced traders.
The indicator contains the following inputs and parameters: tenkan-sen, kijun-sen and Senkou snap B.
Make yourself familiar with this technical indicator and test it first on a demo account.
It is compatible with all time frames and Forex pairs.
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ichimokuoscillator.mq5 Indicator (MT5)
Chart Example
The following image shows what the Ichimoku Forex oscillator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Ichimoku Oscillator?
Find a simple trading example below:
Buy Signal
- A buy signal is triggered when the red line crosses above the yellow line from below.
- Execute a buy trade and place your stop loss below the most recent support zone.
- Buy take profit: either close the buy trade at a predetermined take profit level, or hold the buy trade and await a sell signal.
Sell Signal
- A sell signal is generated when the red line crosses below the yellow line from above.
- Execute a sell trade and place your stop loss above the most recent resistance region.
- Sell take profit: either close the sell trade at a predetermined take profit level, or hold the sell trade and await a buy signal.
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ichimokuoscillator.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 ichimokuoscillator.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