ragnarok628

Ichimoku Clouds with Trend Identification

This is another version of the Ichimoku Clouds indicator where I have added logic to evaluate the current chart as either Bullish, Bearish, or Mixed, depending on 4 factors:

1. Is the price above/below the cloud?
2. Is the conversion line above/below the base line?
3. Is the lagging span above/below the cloud?
4. Is the rightmost cloud green/red?

If all conditions point the same direction, then the chart will be labelled "Bullish" or "Bearish". Otherwise it will be labelled "Mixed".
Release Notes:
Main new feature is labelling on a finer spectrum: labels can now not only be "Bullish", "Bearish", or "Mixed", they can now be "Fully" bullish/bearish or have bullish/bearish "Lean".

Also took the opportunity to reorganize the code and refactor for clarity and conciseness, as well as update the comments to be more helpful and informative.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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.

Want to use this script on a chart?