The kijun_sen_and_envelope indicator for MetaTrader4 plots: 1 kijun Sen + 1 Envelop + 3 Price Labels. It is interesting to note that the indicator’s input setting allows for the Kijun Sen, Envelope and Price Labels to be hidden or shown.
The Kijun-Sen is a critical indicator line and a member of the Ichimoku Kinko Hyo indicator family i.e. the Ichimoku cloud. The function of the Kijun-Sen is primarily to gauge medium-term momentum.
The Envelopes on the other hand can be used in spotting overbought and oversold price levels, gauge profit and stop loss level.
The kijun_sen_and_envelope indicator general design allows for more efficacy when lower timeframes are given higher Kijun Sen period along with lower Envelope deviation, while higher timeframes are assigned lower Kijun Sen period and higher Envelope deviation. It is crucial to make these adjustments according to your trading preference.
When in a trending market, the Kijun Sen does very well, but performs poorly in ranging markets. The kijun_sen_and_envelope indicator calculates the price of a symbol over 26 weeks using the Kijun Sen Period.
Traders view the Kijun-Sen as a trigger line that allows for more accurate measure of long-term momentum. Hence, if the kijun_sen_and_envelope indicator has price breaking below the Kijun-Sen line, it is an indication of a sell trigger, while price breaking above the Kijun-Sen line denotes a bullish trend.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (Kijun Sen Period, Envelope Deviation, Kijun Sen and Envelope colors, Show Kijun Sen, Show Top Envelope, Show Bottom Envelop, Show Price, Top Envelop Price color, Kijun Sen Price color, Bottom Envelope Price Color, Price Font Size, Price Font Bold, Move Price), Colors, width & Style.
Time frames: 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: pattern, trend, support/resistance