Ichimoku cloud is a type of technical analysis method that is often simply called Ichimoku. It is based on Japanese candlestick charting to predict future price movements. This trend-following tool allows you to identify price action at a glance, even from large amounts of data, via multiple graphical elements.
The Ichimoku Kinko Hyo indicator consists of a number of different graphical elements plotted on a single chart. The different elements are intended to help us identify where the support and resistance lies. They also allow us to work out if the market is trending, or if it’s under consolidation.
In addition to price action analysis, Ichimoku uses time as another element, and because greater data points are used, it is generally regarded as providing a clearer picture than Japanese Candlesticks. The main idea behind the Ichimoku Cloud Strategy is to use a moving-average based trend method to indicate where a currency pair is likely headed next.
What is the free Ichimoku EA?
If you are a fan of the Ichimoku Kinko Hyo indicator and don’t want to constantly be sifting through multiple charts and timeframes for Ichimoku signals, then this free Ichimoku EA can be a great solution.
It will analyse all of the charts that you attach it to in the MetaTrader 4 (MT4) platform for buy or sell signals which can save you plenty of time and allow you to simultaneously follow lots of currency pairs or other financial instruments.
How does the free Ichimoku EA work?
When the Ichimoku EA finds a valid trading signal according to its built-in algorithm, it will send you a signal alert via SMS, email or a platform pop-up. You can choose the alerts that you wish to receive from the Ichimoku EA settings.
Not only can it send you alerts for manual trading, but you can set it to actually place trades on your behalf in case you are not around to do it yourself. It includes customisable settings and money management features such as stop loss, take profit, break even and a trailing stop.
Ichimoku EA Trading Strategy
I have built this free Ichimoku Kinko Hyo EA for MT4 (MQL4) so that you can use it to generate signals and automatically trade based on the Ichimoku trend trading strategy. I have left the Ichimoku expert advisor settings available as external inputs for you to adjust depending on your preferred trading style. This includes the Tenkan-sen, Kijun-sen and Senkou Span B.
You can choose to set the different elements of the Ichimoku Kinko Hyo to true or false, depending on how you like to use the indicator for generating signal and trading automatically. You can also run the Ichimoku EA on different charts using different settings if you want to combine various Ichimoku strategies. There is a magic number feature to separate the trading activity between charts if need be.
Ichimoku Kinko Hyo EA Strategy
- Kijunsen – Buy if price is above Kijun-sen, sell if price is below
- Tenkansen – Buy if price is above Tenkan-sen, sell if price is below
- Chinkouspan – Buy if Chinkou span is above price, sell if Chinkou span is below price
- Senkouspan – Buy if Senkou span A is above Senkou span B, sell if Senkou span A is below Senkou span B
- Senkouspan2 – Buy if price is above Senkou span A and Senkou span B, sell if price is below Senkou span A and Senkou span B
Ichimoku EA Features
- All of the Ichimoku Kinko Hyo EA settings are customisable
- The Ichimoku robot can send Ichimoku signals and trade automatically
- Keep full control over your money management
- The Ichimoku EA MQL4 is developed for the MT4 platform
- The Ichimoku MT4 EA can be used on any MT4 forex broker
- The Ichimoku Kinko Hyo EA is free to use without any restrictions at all
- Includes easy to understand setup instructions
Ichimoku EA Settings
- Expert Name
- Pop Up Alerts
- Email Alerts
- SMS Alerts
- Days Filters
- Hours Filter
- Magic Number Buy
- Magic Number Sell
- Maximum Spread
- Maximum Slippage
- Open Orders Limit
- Use Risk
- Risk Percent
- Stop Loss
- Take Profit
- Close Opposite Signal
- Use Break Even
- Break Even Point
- Use Trailing Stop
- Trailing Gap
- Close Percent
- Minimum Lot Close
- Tenkansen Period
- Kijunsen Period
- Senkouspan B Period
Conclusion: Is this free Ichimoku Kinko Hyo EA for me?
If you are looking to get automated Ichimoku signals in MT4 then yes, this can do the job. It can send you buy or sell signal alerts and place trades without you needing to do anything. As with any automated or manual forex strategy, there is no guarantee at all on the results that you will get.
This Ichimoku Kinko Hyo robot has not been optimized so it does not include set files. You will need to choose your own settings. However, you do have unlimited access so you can test it as much as you want on all of your favourite currency pairs and chart timeframes.
If you manage to come up with some interesting settings that show good historical performance, please feel free to share them with me.
You might also want to check out my other free forex EA’s that you can download:
- Free Bollinger Bands EA
- Free RSI EA
- Free CCI EA
- Free Moving Average EA
- Free Envelopes EA
- Free ADX EA
- Free Stochastic EA
- Free Parabolic SAR EA
- Free MACD EA
- Free Price Action EA
If you are looking for a forex robot that combines multiple technical indicators along with price action analysis, please feel free to take a look at my free forex robot. Otherwise, you can download the free Ichimoku Kinko Hyo EA.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.