The uSoho Ichi Average indicator for MetaTrader4 is an Ichimoku with moving average as a replacement for middle of price channel (Donchian Channel).
The original indicator which is the Ichimoku cloud has the default parameters of the Ichimoku Cloud set at 9, 26, 52, while the uSoho_Ichi_Average indicator has the default parameters of the Ichimoku Cloud set at 8, 24 and 48.
The uSoho_Ichi_Average indicator has five lines: one red, one blue, one green, one SandyBrown and one thistle (along with an area shaded in-between).
The red line is the Tenkan Sen line, a moving average, which shows the middle value of the highest and lowest points on the chart over the last 8 periods. The blue line is the Kijun Sen, same as Tenkan Sen but takes into consideration 24 periods. This is basically why the Kijun Sen (blue line) is somewhat slower than the Tenkan Sen (red line).
The green line is the Shinoku Span, which represents the current price but is shifted 26 periods – looking at the chart you’ll see it looks completely identical with price movement. The Senkou Span or “The Cloud” (SandyBrown and thistle lines) is shaded SandyBrown or thistle.
The second line of the Senkou Span is displaced 26 periods to the right, parades the middle point between the peak point and the trough point for 48 periods on the chart.
Enter a buy if price breaks through the Tenkan Sen (red) and Kijun Sen (blue) in a bullish manner, plus if price breaks through the cloud in a bullish manner, then enter a buy position. Enter a sell if price does the aforementioned in a bearish manner.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (MA_Type, Price, MA_Tenkan, MA_Kijun, MA_Senkou), Colors, width & Style.
Time frames: 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: support/resistance, pattern