Ichimoku Trend Monitor Indicator MT4

Ichimoku Trend Monitor Indicator
MT4

The Ichimoku Trend Monitor Indicator for MT4 is a trading tool that helps you to see trends in multiple time frames at a glance.

The Ichimoku Trend Monitor Indicator for MetaTrader does a good job when it comes to monitoring trend movement. It’s a trend-following indicator that automatically scans through multi-timeframes and displays the results on one chart.

Just a glance at the indicator would reveal the Forex market trends in all the time frames of your chart. This infers that both advanced and novice traders would find this indicator beneficial and handy.

The indicator works in sync with a popular trading indicator known as the Ichimoku Kinko Hyo indicator. It helps you as a trader to easily identify price action with little or no technical analysis.

The Ichimoku Trend Monitor Indicator for MT4 checks for the potential direction of the trend in all time frames from a single chart. It detects valid support and resistance, market momentum, the bias of the trend, and other variables to paint signals.

With such information, you can get a clear direction of the trend and identify the different trading opportunities. And besides, this trend monitoring indicator can be integrated into any trading style – scalping, day, and swing.

Finally, it doesn’t take up space nor does it interfere with the candlesticks on your chart as other indicators. Hence, you can have a clear trading dashboard while using it.

How To Trade With The Ichimoku Trend Indicator For MT4

The Ichimoku Trend Monitor Indicator for MT4 is best applied in a trending market. It is however recommended to be used as an additional confluence along with your trading setups or exits. But it also works pretty well as a stand-alone indicator though.

The above picture shows the Ichimoku Trend Monitor Indicator in action on an H1 time frame of the EUR/USD pair. It tells the current market trends in all the time frames of the chosen pair (EUR/USD).

The indicator paints 3 categories of signals –BUY, SELL, and ‘no trend’ signals. The RED arrow signifies a downward trend while the BLUE arrow tells that the trend is upward. No clear trend is depicted by the YELLOW sign.

You can trade confidently with these indicator signs. For instance, you can be more confident with your setups if your technical analysis suggests a bullish bias which also coincides with a BLUE arrow of the indicator.

It is also worthy to mention that signals generated by the indicator on higher time frames are more reliable. The logic behind this is simple; higher time frames have a greater impact on price.

Conclusion
The Ichimoku Trend Monitor Indicator for MT4 is a trading tool that helps you to see trends in multiple time frames at a glance. The indicator is built to detect trending and non-trending markets which makes it an invaluable indicator. Furthermore, you don’t need to worry about the cost as this MT4 indicator is free to download.