OPEN-SOURCE SCRIPT
CM_Enhanced_Ichimoku Cloud-V5.2
New version of the improved Ichimoku cloud
Original by Chris Moody, great work.
This indicator is a colorized Ichimoku with colors that you can change for any component. Not many changes between 5.1 and 5.2, I fixed some labels and the crossing detection, as well as the default colors.
There's not much more left we can do without radically changing the original Ichimoku. We could implement full-multiframe but you can already do that by adding several times this indicator and changing the periods.
Displayed components:
The script also provides indication of the crossings between Tenkan and Kijun, some trading strategies are based upon that. There is also a separate Kijun with its own period for those you'd like to have this information at another timeframe. I removed the third Kijun that was in version 5.1, I don't think it was widely used and made the configuration screen too crowded. If you really need this, take a look at Donchian indicators, the Kijun is basically a Donchian on 26 periods.
Chris Moody Version (v5):
Original by Chris Moody, great work.
This indicator is a colorized Ichimoku with colors that you can change for any component. Not many changes between 5.1 and 5.2, I fixed some labels and the crossing detection, as well as the default colors.
There's not much more left we can do without radically changing the original Ichimoku. We could implement full-multiframe but you can already do that by adding several times this indicator and changing the periods.
Displayed components:
- Kijun-Sen: middle of the highest/lowest prices during the last 26 periods
- Tenkan-Sen: middle of the highest/lowest prices during the last 9 periods
- Senkou Span A (SSA) : average of Kijun and Tenkan, projected 26 periods ahead
- Senkou Span B (SSB): middle of the highest/lowest prices during the last 52 periods, and projected 26 periods ahead
- Chikou Span: the closing price projected 26 periods behind.
- Kumo: the cloud itself, the area between SSA/SSB.
The script also provides indication of the crossings between Tenkan and Kijun, some trading strategies are based upon that. There is also a separate Kijun with its own period for those you'd like to have this information at another timeframe. I removed the third Kijun that was in version 5.1, I don't think it was widely used and made the configuration screen too crowded. If you really need this, take a look at Donchian indicators, the Kijun is basically a Donchian on 26 periods.
Chris Moody Version (v5):
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.