The Color Fill – Tenkan x Kijun Indicator MT4 MetaTrader for scalp in Forex Free Download

Free Download of the Color Fill – Tenkan x Kijun Indicator for MT4 📉

Introduction to the Color Fill – Tenkan x Kijun Indicator
The Ichimoku Kinko Hyo indicator is one of the most reliable technical indicators as it includes multiple elements that help identify trends based on different timeframes. The Color Fill – Tenkan x Kijun indicator uses two elements from Ichimoku Kinko Hyo to help traders objectively identify the market trend direction.

What is the Color Fill – Tenkan x Kijun Indicator? 🔍

Click here to download and install The Color Fill – Tenkan x Kijun Indicator .

The Color Fill – Tenkan x Kijun indicator is a technical analysis tool based on the Ichimoku Kinko Hyo indicator. The Ichimoku Kinko Hyo indicator consists of five lines:

• Chikou Span
• Tenkan-sen
• Kijun-sen
• Senkou Span A
• Senkou Span B

However, this indicator only uses the Tenkan-sen (blue line) and Kijun-sen (red line) to analyze the market. The indicator directly draws two lines based on price action and fills the area between these lines with colored bars to show the market trend direction. This area is filled with blue points to indicate an uptrend and red points to indicate a downtrend.

How Does the Color Fill – Tenkan x Kijun Indicator Work? 🛠️

The Color Fill – Tenkan x Kijun indicator uses the same algorithm as the Ichimoku indicator to calculate the Tenkan-sen and Kijun-sen lines. The classic Tenkan-sen is calculated as the midpoint of prices over a 9-period range, while the classic Kijun-sen is calculated as the average price over a 26-period range. In this indicator, the period values are modified to a 50-period range for Tenkan-sen and a 100-period range for Kijun-sen, although these values are customizable by the user.

How to Use the Color Fill – Tenkan x Kijun Indicator on MT4 📈

Using the Color Fill – Tenkan x Kijun indicator on the MT4 platform is quite simple. This indicator comes with several adjustable settings that users can modify according to their needs:

• Color_Fill…: This option allows users to choose which area between the Tenkan-sen and Kijun-sen should be filled with color.
• Tenkan_sen_Period and Kijun_sen_Period: These settings allow users to change the number of periods used to calculate the Tenkan-sen and Kijun-sen lines.

Additionally, the indicator offers options to modify the display of labels placed in the corner of the price chart for better user experience.

Buy and Sell Signals Using the Color Fill – Tenkan x Kijun Indicator 🔑

Buy Signal 📈

Click here to download and install The Color Fill – Tenkan x Kijun Indicator .

To enter a buy trade, the following conditions should be met:

1. Tenkan-sen should be above Kijun-sen.
2. The indicator should fill the area between the two lines with blue points, indicating an uptrend.
3. Once the price returns to the shaded area, if the price moves upward from the shaded area, open a buy order.

Exit the Buy Trade:As soon as price movements show signs of a potential reversal or the trend turning downward, close the trade.

Sell Signal 📉

Click here to download and install The Color Fill – Tenkan x Kijun Indicator .

To enter a sell trade, the following conditions should be met:

1. Tenkan-sen should be below Kijun-sen.
2. The indicator should fill the area between the two lines with red points, indicating a downtrend.
3. Once the price returns to the shaded area, if the price moves downward from the shaded area, open a sell order.

Exit the Sell Trade:

As soon as price movements show signs of a potential reversal or the trend turning upward, close the trade.

The Color Fill – Tenkan x Kijun indicator is a powerful technical analysis tool specifically designed to help identify market trend directions. By using the Tenkan-sen and Kijun-sen lines, this indicator helps traders identify uptrends and downtrends and use it for entering and exiting buy and sell trades.

This indicator is especially useful for identifying dynamic support and resistance zones or confirming long-term trends. Traders can use this indicator to simulate the right timing for entering and exiting the market and incorporate it into different trading strategies.

Key Points for Using the Color Fill – Tenkan x Kijun Indicator 📝

• Buy Signals: When Tenkan-sen is above Kijun-sen and the area between the lines is filled with blue points, the market is in an uptrend.
• Sell Signals: When Tenkan-sen is below Kijun-sen and the area between the lines is filled with red points, the market is in a downtrend.
• Adjustable Settings: You can change the periods for calculating Tenkan-sen and Kijun-sen to align with your trading strategy.
• Identifying Reversal Points: This indicator can effectively identify trend reversal points and help you make better trading decisions.