Free Forex Indicators (MT4), Trend Following Indicators

Alternative Ichimoku

Ichimoku is one of the most popular trend-following indicators in the market. However, mastering Ichimoku and applying it for real trading purposes is a little bit complex and not suitable for everyone. Alternative Ichimoku simplifies the original version of the indicator and makes it suitable for the newbie traders.

Alternative Ichimoku is a universal trading key that can be applied to trade all kinds of forex currency pairs listed in the financial markets. Besides, it suits almost all sorts of timeframe charts within the Forex MT4 trading platform.

Alternative Ichimoku Overview

Download and install the indicator on your MT4 terminal. Once you’re done, find the trading chart like the following image:

Alternative Ichimoku Overview

Alternative Ichimoku Explanation

Alternative Ichimoku simply plots a trend cloud drive by AI Trends. Price is supported by the top edge of the cloud and price candles keep closing above the AI Trend level confirms the market trend as bullish.

Alternative Ichimoku Explanation

For a bearish trend confirmation, the price must be resisted by the lower edge of the Ichimoku Cloud and the price candles should also be closed below the current Ai Trend level.

Once a trend is confirmed by Alternative Ichimoku, your job is to pull the trigger according to the trend direction. Stop-loss limits should be set based on the current cloud levels. For determining the profit-taking level, wait until the price candles come back and close inside the trending cloud.

Alternative Ichimoku: Buy Parameters

Alternative Ichimoku Buy Conditions
  • Price remains above the AI Trend level
  • Price candles keep closing above the top edge of the Ichimoku Cloud
  • Buy triggers after the above conditions are done
  • Set stop loss below the current level of Ichimoku Cloud
  • Exit long/take profit whenever the price candles start to close inside the cloud area

Also Read: XM $30 No Deposit Bonus

Alternative Ichimoku: Sell Parameters

Alternative Ichimoku Sell Conditions
  • Price remains below the AI Trend level
  • Price candles keep closing below the bottom edge of the Ichimoku Cloud
  • Sell triggers after the above conditions are done
  • Set stop loss above the current level of Ichimoku Cloud
  • Exit short/take profit whenever the price candles start to close inside the cloud area
Share:

I have been actively trading the financial markets since April 2012. Besides trading with my personal money I am a technical analyst in a mutual fund that has Rs. 1 billion in assets under management. At my leisure, I love attending live music, traveling, and partying with friends.

2 thoughts on “Alternative Ichimoku”

Leave a Comment

About Trend Following System

Trend Following System's goal is to share as many Forex trading systems, strategies as possible to the retail traders so that you can make real money.

Risk Warning: Trading in the forex market is very risky. Thus, it is may not be for everyone. A highly leveraged position can work against the trader when the trade does not work as expected. Trading in the forex market can cause to lose a significant portion of the capital or all of the capital. It is crucial to learn about the trading and gain enough experience in the demo account before trading with real money. The trading strategies published on this website do not guarantee profit as the market is dynamic and unpredictable. The past performance of a strategy is not the indicative of future performance. Trend Following System will not accept any kind of liability or damage caused by trading the strategies published on this website.
RoboForex Welcome Bonus