OPEN-SOURCE SCRIPT
Ichimoku Cloud w/ Helpers
Updated
Ichimoku Cloud w/ Helpers is your standard Ichimoku Cloud indicator with two additions.
Checkout TradingView's write up on the Ichimoku Cloud here.
The two additions added to this indicator are described below:
1 — A box is drawn centered on the current bar and stretching a length equal to the 'Senkou Span B Period'.
• The box encompasses the highest high and lowest low in that period.
2 — Two new lines are added.
• Green Line: Projection from the Lagging Line (Chikou Span) to the Span A line, indicating historical price action relative to future projected support/resistance.
• Red Line: Projection from the Kijun-sen (Base Line) to the Span B line, indicating medium-term trend direction relative to future projected support/resistance.
Use cases:
• The Box is simply a visual cue to draw your eye towards the area that the Ichimoku Cloud is currently attempting to analyze: Past, Present and Future.
• The green and red lines add a way to interpret the sentiment:
• Diverging Lines with Green Above Red --> Interpret as Bullish Sentiment
• Converging Lines with Green Crossing Above Red --> Interpret as Bullish reversal or strengthening
• Converging Lines with Green Crossing Below Red --> Interpret as Bearish reversal or weakening.
• Diverging Lines with Red Above Green --> Interpret as Bearish Sentiment
• Converging Lines with Red Crossing Below Green --> Interpret as Bullish reversal or weakening bearish trend.
Current limitations:
• Under settings -> Styles, the plotted lines don't allow the colors to be changed. A bug I'm trying to figure out.
Bugs?
Kindly report any issues you run into and I'll try to fix them promptly.
Thank you!
Checkout TradingView's write up on the Ichimoku Cloud here.
The two additions added to this indicator are described below:
1 — A box is drawn centered on the current bar and stretching a length equal to the 'Senkou Span B Period'.
• The box encompasses the highest high and lowest low in that period.
2 — Two new lines are added.
• Green Line: Projection from the Lagging Line (Chikou Span) to the Span A line, indicating historical price action relative to future projected support/resistance.
• Red Line: Projection from the Kijun-sen (Base Line) to the Span B line, indicating medium-term trend direction relative to future projected support/resistance.
Use cases:
• The Box is simply a visual cue to draw your eye towards the area that the Ichimoku Cloud is currently attempting to analyze: Past, Present and Future.
• The green and red lines add a way to interpret the sentiment:
• Diverging Lines with Green Above Red --> Interpret as Bullish Sentiment
• Converging Lines with Green Crossing Above Red --> Interpret as Bullish reversal or strengthening
• Converging Lines with Green Crossing Below Red --> Interpret as Bearish reversal or weakening.
• Diverging Lines with Red Above Green --> Interpret as Bearish Sentiment
• Converging Lines with Red Crossing Below Green --> Interpret as Bullish reversal or weakening bearish trend.
Current limitations:
• Under settings -> Styles, the plotted lines don't allow the colors to be changed. A bug I'm trying to figure out.
Bugs?
Kindly report any issues you run into and I'll try to fix them promptly.
Thank you!
Release Notes
Added a Locked Lagging line that creates a cross with Lagging to Span A line to further help with trend analysis. Also added options in settings to change line colors.Release Notes
Added circles overlaid on the TK crossover points. They can be turned on or off, and you can change the color to differentiate between crossing up and crossing down.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 publication is governed by House rules. You can favorite it to use it on a chart.
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