This tutorial shows how Ichimoku Expert Advisor (EA) can be used on charts of MT4 to Trade in options.
Strategy Premise
The Ichimoku Cloud is a collection of technical indicators that show support and resistance levels and 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 the price is below the cloud the trend is down. When the price is above the cloud the trend is up.
Additionally, 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
Short Entry: When Tenkan-sen Line is Below Kijun-sen Line and the candle is below Senkou span B line
When Strategy gives buy, it will send LE in Call and LX in Put. When Strategy gives sell, it will send LE in Put and LX in Call.
MT4 Settings
To start Algo trading with Ichimoku on MT4, simply follow the steps given below.
1: Make sure you have completed Jump Start setup
2: Download zipped files from here and extract them. You will find two sub-folders: Experts and Include. The files in these sub-folders should be copied in your MT4 directory in the same folders. In MT4 Click on File => Open Data Folder=> Click on MQL4 => Experts folder. Copy-paste the downloaded file to the Expert folder.
3: For include files, In MT4 Click on File => Open Data Folder=> Click on MQL4 => Include folder. Copy-paste the downloaded file to the Include folder.
4: In MT4 => Tools => Expert Advisor => Check all option available as shown below.
5: Go to navigator click on refresh to refresh indicator and expert advisor.
6: Now put Ichimoku Expert Advisor on chart.
7: Change the Input Parameters as per your Requirement
8: Now put the Ichimoku Indicator on the chart and Change the Parameter as per the Inputs Set in EA.
Please note that the input parameters of EA and the indicator should be the same, or the signals will not match with the indicator.
Here are the Strategy Parameters
| Strategy tag | This should be same as API Bridge port application will signal from same port |
| Port | This should be the same as API bridge port application will signal from the same port |
| Expiry | Put contract expiry here |
| Base symbol | Put the base symbol example “BANKNIFTY” here in which you want to place an order |
| Order type | Select order type here from MARKET,LIMIT, SLL,SLM |
| Instrument | OPTIDX |
| Period of Tenkan-sen line | Tenkan-sen Line Period |
| Period of Kijun-sen line | Kijun-sen line Period |
| Period Senkou Span B line | Senkou Span B line Period |
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