How Ichimoku EA Can Help You Be A Better Forex Trader

The most significant desire of the forex trader is to play on a trading platform that guarantees winning at all times. Therefore, one quality route to achieve this is by adopting an automated trading system that helps a trader identify profitable opportunities; this is where the Ichimoku EA comes in.

Nevertheless, experience has shown that a trader can’t avoid losses altogether. However, what is possible is being able to intentionally reduce the level of risk in the trading process. Thereby, increasing the volume of profits. The duty of the trader, therefore is to be able to strike a balance between winning big and reducing the risk to the barest minimum.

Who is behind Ichimoku Kinko Hyo EA?

The Ichimoku Kinko Hyo System EA is an algorithmic trader based entirely on the popular Ichimoku Kinko Hyo trading system. It is also known as Ichimoku for short. While the Ichimoku was developed by Goichi Hosoda, a Japanese journalist who wrote under a pseudonym Ichimoku Sanjin in the late 1930s.

However, for a clearer understanding of users, the Ichimoku comprises of five essential elements, namely: Tenkan-sen, Kijun-sen, Senkou span A, Senkou span B and Chikou span. The combination of Senkou span A and B makes up the Kumo cloud. Therefore, the success of the Ichimoku EA is a function of the knowledge of the user in relation to the appropriate strategy and ability to configure it. Since it is also expedient to state it here that making a profit in all market conditions is not guaranteed.

Features:

1. User-friendly and easy to supervise
2. It can be applied on 2-3-4-5 digit symbols
3. With built-in money management and loss prevention module by default
4. Can trade multiple trading strategies
5. It has an integrated set of instructions to launch trade in the trend direction

Strategies

The Ichimoku EA is built on the Ichimoku and parabolic indicators in such a way that it can activate buy and sell trade positions automatically. Therefore, the Ichimoku can be applied on all time frames and all major currency pairs such as the AUR/USD, GBP/USD, USD/JPY, USD/CAD, and only the stocks listed on NASDAQ. Since it was designed to gauge support and resistance when using the same data to determine the momentum and trade directions for any currency pair.

Some of the strategies implemented and the Ichimoku Expert Advisor includes:

Tenkan- Kijun Cross:

Entry

If Tenkan-sen intersects the Kijun-sen from overhead, EA executes a buy trade, conversely, if Tenkan-sen intercepts the Kijun-sen from beneath the EA executes a sell trade.

Exit

If Tenkan-sen intersects the Kijun-sen from overhead, the bot executes a buy order but if the Tenkan-sen intercepts the Kijun-sen from below the bot executes a sell exit.

Kumo Cloud Breakout:

Entry

If the price closes at a higher point than the Kumo cloud, a buy trade order is executed. If the price closes beneath the Kumo cloud, the robot executes a sell trade order.

Exit

If the price closes beneath the Kumo cloud there will be a buy exit in the same vein if the price closes over the Kumo Cloud, the EA will execute a sell exit.

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Kumo Cloud Breakout Strategy:

The principle behind this strategy is to enter the trade immediately price breaks out of the Kumo cloud. The underlying principles and requirements here and similar to that of Kijun-sen cross strategy, the only difference, however, is that it closes atop the Kumo cloud.

Future Senkou Crossover Strategy:

This strategy is very much identical to the Kumo cloud breakout strategy. However, there is a supplementary specification; the current Senkou A must exceed current Senkou B.

Kijun-price Cross

Entry

If the price intersects the Kijun sen from overheard when the Kijun-sen is over the Kumo cloud execute a buy trade.

If the price closes beneath the Kijun-sen when the Kijun-sen is underneath the Kumo cloud, EA executes a sell trade.

Exit

The EA executes a buy exit if the price intercepts from under the Kijun-sen. A sell exit is executed when the price intercepts the Kijun-sen.

Ichimoku Kinko Hyo Parameters

1. Timeframe
2. The interval the EA should work on, irrespective of the timeframe to which you set your chart. (PERIOD_CURRENT is the default)
3. Tenkan-sen line period
4. The median time to sum the mainline (9 is the default)
5. Period of Kijun-sen line
6. The median time to sum the mainline (26 is the default)
7. Period of Senkou Span B line
8. The median time to sum the mainline (52 is the default)

Backtest with optimization strategy tester.

1. It has multiple user options
2. It comes with automatic lot sizing with a turn-off option and money management;
3. The trades are always protected with a stop-loss;
4. It is designed to take half the profit off the table option or take all the profit at once, or no-take profit limit;
5. Dynamic trailing stop that can be deactivated);
6. It is not limited by chart Timeframe, Currency Pair or Account Balance
7. Users have the option of altering Ichimoku indicator’s specifications for more control;

Pros

1. The break-even, TP, SL, and trailing-stop can be personalized.
2. It can be applied to ECN/Non-ECN brokers.
3. It executes martingale features.
4. The indicator settings can easily be customized.
5. It uses forex sessions for filtering trading.
6. It comes with inbuilt money management.
7. It has a news filter that is inbuilt. EA can download news data from a news website automatically.
8. The Ichimoku Kinko Hyo EA can be installed on several live and demo accounts.
9. Simple to use and oversee
10. It uses numerous entry settings.

Cons

It is not popular with traders.

Conclusion Of Ichimoku EA

Without any doubt, the Ichimoku EA is a powerful tool for traders who intend to make a profit from the market while minimizing risk. Since the potentials are enormous; we, therefore, recommend it for use.

However, as a trader looking to automate your systems fully, you should integrate the EA into the trading platform itself; this way, you will be insulated almost entirely from the decision loop.

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