I was looking at the Oanda indicator and fund a new one. Its name is Ichimoku Kinko Hyo. Weird huh??? I am going try to explore the beast. http://www.metaquotes.net/techanalysis/indicators/ichimoku http://www.investopedia.com/articles/technical/04/072104.asp http://www.prosticks.com/education/ikh.php?sid=6e71d53b8718fd5c285f6a1e12622bdd http://www.forexrealm.com/technical-analysis/technical-indicators/ichimoku-kinko-hyo.html http://fxtrade.oanda.com/help/overlays.shtml http://www.fxwords.com/i/ichimoku-cloud.html
This is my interpretation: Ichimoku Cloud is the area between support and resistance levels from long ago. If current price is greater than the resistance value of long ago then the trend is judged increasing. Tenkan Line and the Kijun Line are 9 and 26 day exponential moving averages. When the fast moving average value is greater than the slow moving average value the trend is judged increasing. Chikou Span is price 26 periods ago. Probably gives momentum information.
Yes. Have used it for quite awhile (years). Good S&R tool. Primarily use the "cloud". Having all the other stuff up on the chart makes things way too cluttered. As well, use slightly different parameters than the traditional ones (7 - 22, 44).
By the way, there is a decent forum recently set up which is specific to Ichimoku charting -- http://www.boersmaandhunt.com/kumotrader_forum/ To answer your question, I'm a firm believer in KISS. In addition to the Ichimoku "Cloud", I use stochastics, floor trader pivots, and that's about it (In terms of "indicators").