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Advanced Ichimoku Kinko Hyo Indicator PIN

Last updated on 2020-08-09

This update to the sime v1.00 Ichimoku PIN provides many new strategy modes including Kumo Price Breakout, Tenken-Kijun cross, Senkou-Span A/B cross, Chikou-Span Price Cross, and Chikou-Span Senkou-Span A/B crosses.

Before getting into the detail, I’d like to thank belie and nikossl for providing a) the motivation and b) the logic behind the complex rules used in some of the modes.

How well do you know the Ichimoku Kinko Hyo indicator?

I suspect that, on first seeing the Ichimoku on a chart, many traders are simply overwhelmed by the apparent complexity: what the hell are all those lines and shaded areas for? I also suspect that many traders who think they know what the Ichimoku is, don’t actually know how to use it. In making this PIN, I have learned a great deal about the indicator, but I know I have only scratched the surface in how to trade with it.

I have been ‘playing’ with the Ichimoku for some time, and a few weeks ago a shared a very simple PIN that I developed to test some trend-trading ideas. Belie then reached out to me with some ideas, told me about Nikossl’s Ichimoku Alerts indicator (which uses very strict Ichimoku rules), and pointed me to this great series of videos by Japanese Forex Trader Kei.

Together, these inspired the Advanced Ichimoku Kinko Hyo Indicator PIN

Advanced Ichimoku Kinko Hyo Indicator PIN Signal Modes

As with all my Multi-Time-Frame (MTF) PINS, you can select a different singal mode for each timeframe. These modes split broadly into two groups: those using simple [S] rules and those using complex [C] rules. Complex rules follow the strict conditions for using Ichimoku, intended to give more accurate (but of course fewer) signals.

An example of a simple mode is XK: Price cross Kijun-sen [S]. For a buy signal, the PIN simply reports if the price closed above the Kijun-sen on the last closed candle, and the price was below the Kijun-sen on the bar before that.

The equivalent complex mode is KS: Price Breakout Kijun-sen [C]. For a buy signal this mode checks that: the price crossed above the Kijun-sen AND the current price is above the Tenkan-sen AND the Tenkan-sen is above the Kijun-sen AND the last candle was a bull candle AND Senkou-span A is above Senkou-span AND a couple of other things!

The current list of modes is as follows:

  • Disabled
  • TK: Tenkan-sen crosses Kijun-sen [C]
  • SA: Price Breakout Senkou Span A [C]
  • SB: Price Breakout Senkou Span B [C]
  • SX: Senkou Span A crosses Senkou Span B [C]
  • CP: Chikou Span crosses Price [C]
  • CA: Chikou Span crossed Senkou Span A [C]
  • CB: Chikou Span crossed Senkou Span B [C]
  • KS: Price Breakout Kijun-sen [C]
  • PT: Price < or > Tenkan-sen (ignore the rest) [S]
  • PK: Price < or > Kijun-sen (ignore the rest) [S]
  • XT: Price cross Tenkan-sen (ignore the rest) [S]
  • XK: Price cross Kijun-sen (ignore the rest) [S]
  • KT: Kijun & Tenken same direction [S]
  • KD: Kijun direction move [S]
  • TR: Trend – P>T>K>Cloud | P<T<K<Cloud [S]

Price smoothing

I noticed in testing that the simple Price-cross modes are somewhat sensitive to false signals, i.e. pricing crossing the Kijun-sen and then crossing back on the next candle. This can be partially fixed by applying a fast moving-average (MA) to the price, which smoothes out some of the spikes.

The Price smoothing parameter allows you to set the MA period.
You can also select the Smoothing method: Simple; Exponential; Smoothed or Linear Weighted.

Download the JagzFX Advanced Ichimoku Kinko Hyo Indicator PIN

Download “JagzFX Advanced Ichimoku MTF PIN” JagzFX_PIN_Ichimoku_MTF_v1_06.ex4 – Downloaded 20 times – 65 KB

Ichimoku Kinko Hyo MTF PIN Change Log

//+------------------------------------------------------------------+
//|                                       Ichimoku Kinko Hyo MTF PIN |
//|                                           Copyright 2020, JagzFX |
//|                                               https://jagzfx.com |
//|       Suggested by belie, complex rule logic inspired by Nikossl |       
//+------------------------------------------------------------------+
//|   v1.00
//|   v1.01 Added multiple ichomoku modes
//|   "     Trending (Tr): Price above T and T above K and K above Spans & B   
//|   "     Tenkan-sen Cross Kijun-sen (TK)
//|   "     Kumo Price Breakout Senkou Span A (SA)
//|   "     Kumo Price Breakout Senkou Span B (SB)
//|   "     Senkou Span A cross B   (SX)
//|   "     Chikou Span cross Price (CP)
//|   "     Chikou Span cross Senkou Span A (CA)
//|   "     Chikou Span cross Senkou Span B (CB)
//|   v1.02 Option to add shift to signal
//|   "     Option to change indicator periods
//|   "     New Mode: Price Breakout Kijun-Sen
//|   "     Option to smooth price with an MA
//|   v1.03 New Mode: Price </> Tenken-sen (ignore the rest)
//|   "     New Mode: Price </> Kijun-sen (ignore the rest)
//|   "     New Mode: Price cross Tenken-sen (ignore the rest)
//|   "     New Mode: Price cross Kijun-sen (ignore the rest) 
//|   "     Update to jagzfx_CDashEAX_v1_04.mqh (fixes alerts)
//|   v1.04 New Mode: Kijun-sen and Tenken-sen in same direction
//|   v1.05 New Mode: Kijun-sen direction move
//|   "     Relabled modes to show [C]omplex v [S]imple rules.

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