Ichimoku Strategy for MT4

This tutorial shows how Ichimoku Expert Advisor can be used on charts of MT4 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: Exit happens with Short Entry

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

Short Exit: Exit happens with Long Entry

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 three sub-folders: Experts, Indicators 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. (Optional, if indicator nor present in your MT4) In MT4 Click on File => Open Data Folder=> Click on MQL4 => Indicator folder. Download the Indicator file from here and copy-paste in your Indicator folder. Also paste files to your Include folder if not already present.
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 signal generation will not match with the indicator.

Strategy Parameters

Strategy tag – use default STG1 unless trading in multiple strategies

Quantity- You Can also specify Qty in Bridge->Symbol Settings, it will override the Qty given here

Instrument – Set the instrument as per APIBridge

Magic Number- Leave at Default Value (1234567)

Slippage- Set Slippage value or Leave at Default

Volume- Lot Size

Period of Tenkan-sen line -Tenkan-sen Line Period

A Period of Kijun-sen line- Kijun-sen line Period

Period Senkou Span B line- Senkou Span B line Period