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This tutorial shows how Ichimoku Expert Advisor can be used on charts of MT5 to Trade

Strategy Premise

The Ichimoku Cloud is a collection of technical indicators that show support and resistance levels, as well as momentum and trend direction. It does this by taking multiple averages and plotting them on the chart. The Cloud is a key part of the indicator. When price is below the cloud the trend is down. When price is above the cloud the trend is up.

The above trend signals are strengthened if the Cloud is moving in the same direction as price. For example, during an uptrend the top of the Cloud is moving up, or during a downtrend the bottom of the cloud is moving down.

Strategy Logic

Long Entry: When Tenkan-sen Line is above Kijun-sen Line and the candle is above Senkou span A line

Long Exit: When Tenkan-sen Line is Below Kijun-sen Line and the candle is below Senkou span B line or Price Reaches Target or Stoploss

Short Entry: When Tenkan-sen Line is Below Kijun-sen Line and the candle is below Senkou span B line

Short Exit: When Tenkan-sen Line is above Kijun-sen Line and the candle is above Senkou span A line or Price Reaches Target or Stoploss

MT5 Settings

To start Algo trading with Ichimoku on MT5, simply follow the steps given below. 

Ichimoku Strategy

1: Make sure you have completed Jump Start setup

2: Download zipped files from here and extract them. You will find three sub-folders: Experts, Indicators, and Include. The files in these sub-folders should be copied in your MT5 directory in the same folders. In MT5 Click on File => Open Data Folder=> Click on MQL5 => Experts folder. Copy-paste the downloaded file to the Expert folder.

3: (Optional, if indicator nor present in your MT5) In MT5 Click on File => Open Data Folder=> Click on MQL5 => Indicator folder. Download the Indicator file from here and copy-paste it to your Indicator folder. Also, paste files to your Include folder if not already present.

4: In MT5 => Tools => Expert Advisor => Check all option available as shown below. 

Settings Required for MT5

Ichimoku Strategy

5: Go to navigator click on refresh to refresh indicator and expert advisor.

6: Now put Ichimoku Expert Advisor on chart 

Ichimoku Strategy

7: Change the Input Parameters as per your Requirement

Ichimoku Strategy

In Dependencies click on Allow DLL imports

Ichimoku Strategy

8: Now put the Ichimoku Indicator on the chart and Change the Parameter as per the Inputs Set in EA. 

Ichimoku Strategy

Please note that the input parameters of EA and the indicator should be the same, or the signal generation will not match with the indicator.

APIBridge Settings – New Users

Before setting EAs to your system it is advised to add all the symbols in APIBridge to avoid order rejections. Make sure you use the correct expiry and strategy tag as given in MT5.

Here are the Strategy Parameters

Strategy tagUse default STG1 unless trading in multiple strategies
PortThis should be same as API bridge port application will signal from same port
ExpiryPut contract expiry here
Order typeSelect order type here from MARKET,LIMIT, SLL,SLM
InstrumentSet the instrument as per APIBridge
Period of TenkanTenkan-sen Line Period
Period of Kijun-sen lineKijun-sen line Period
Period Senkou Span B lineSenkou Span B line Period
Trade TypeType of Trades to take
TargetTarget Value in Rupees
StoplossStoploss Value in Rupees