Rsi Ichimoku Indicator For MT4 Intro
Table Of Contents:
- Rsi Ichimoku Indicator For MT4 Intro
- What is the difference?
- Trading by Rsi Ichimoku Indicator For MT4
- Pros of Rsi Ichimoku Indicator For MT4
- Cons of Rsi Ichimoku Indicator For MT4
- General Advice While Using Rsi Ichimoku Indicator For MT4
As per what the programmer of the indicator said, this indicator is designed to help you in confirming your trades or exit points and similar, which means that that indicator is not intended to help you open trades and will not give you any trading signals it's just to help you confirm your trades.
In this article, we will teach you and tell you more about the usage of Rsi Ichimoku Indicator For MT4, including the pros and cons of it with essential instructions and notes to use while trading by it.
What is the difference?
The difference between the Rsi Ichimoku Indicator For MT4 and the standard Ichimoku indicator; is that the Rsi Ichimoku Indicator For MT4 helping you to confirm your trades but is not designed to make you place a whole trade based on it. But the normal Ichimoku helps you to place trades based on its areas, whether by buying or selling. Here's the calculation that the Rsi Ichimoku Indicator For MT4 depends on:
Original Ichimoku Chart:
Parameters of Rsi Ichimoku Indicator For MT4:
Parameters of Rsi Ichimoku Indicator For MT4 V2:
As you can see here that that indicator has two versions of Ichimoku. Each has decent settings where you can set based on your experience trading by the Ichimoku to support your trading. Thus the best practice using this indicator is that you have to have previous experience with the Ichimoku trading. We recommended to try it on demo first with your Ichimoku expertise before deciding to depend on it in live accounts, it seems promising, but you must try first, as it's your decision. Continue reading to learn more about our ideas to trade using it and the pros and cons we see in such an indicator.
Trading by Rsi Ichimoku Indicator For MT4
The Rsi Ichimoku Indicator For MT4, based on the standard MT4 Ichimoku Kinko Hyo indicator with a small difference with is it is designed to track the RSI value in a sub-window. This indicator, as we mentioned above, is to help to support your trading strategies and not to replace them with it, also as we have said, if you have previous experience with the Ichimoku, you can have great results if it works. You will be able to decide that rapidly. The green Chinkou Span line is helping you to show and review the top highs and lows of each trend that you may have the interest to depend on while trading, to be able to see all the indicator features beautifully always change the last color in the parameters to your chart color to work fine together. V2 has that point of colors solved automatically; you have to allow the Dll's to get automatically done. In our opinion, the best way to use that indicator would be while using the original Ichimoku itself, or while trading by technical analysis or similar methods. So, that you can confirm your buying and selling areas with the indicator features to be able to optimize your risk if you don't need even to deny a whole trade based on the indicator signs, you may make the trade risk lower.
Here is an example of the Rsi Ichimoku Indicator For MT4 With Technical
In that chart, if you are a scalping trader using technical analysis, you will manage to place a sell trade for scalping with small take profit and low stop-loss as well. So, if you are using the Rsi Ichimoku Indicator For MT4, it will deny this trade for you, as you see down below the black area in the indicator it says that this area got broken already, and most likely will get broke on the chart in the next candles. Thus here you can manage to decide whether to leave the trade altogether or continue in it with low risk, so if it failed you can be on the safe side. That's the clearest example of how that indicator will help you in the wrong situations, and you can imagine the same for confirmation of trade you are not sure of it.
Disclaimer: usage of Rsi Ichimoku Indicator For MT4 with other indicators or alone, we are not telling you to do that 100 percent. Still, we are sharing some ideas that might work, always test the plans for a decent time on a demo account before going live account, and try to filter your indicator or strategy to have the best results. You have to work hard to figure that out if you are interested in making profits from the forex market or the financial markets generally.
Pros of Rsi Ichimoku Indicator For MT4
I'm happy while writing about this indicator, not because it only seems promising, but I feel it, and I see some track record for the indicator programmer. It looks like he's "selling" some other indicators also, which means he has a good well in the market, but also be careful while you are testing the trade with that indicator and stay safe with Low lot size.
Cons of Rsi Ichimoku Indicator For MT4
Personally, I don't see any cons in the indicator for now, as long as it just helps in confirming your trades it will not affect you much if it bad, you will be able to locate that rapidly and will give up using it, so keep your tests for it at first virtually without executing.
General Advice While Using Rsi Ichimoku Indicator For MT4
Don't trust everything 100 percent, even if it looks promising. Manage to test it wisely, and don't forget to share your experience with the indicator to us.