Ichimoku EMA Bands — Indicator by CapnOscar

Ichimoku Cloud Exponential Moving Average (EMA)

Some find Ichimoku Clouds bit complicated. This simplified version is combined with EMA Bands may be profitable. Give a try!. I recommend hourly timeframe for good results. Aye! :D

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?

study(title="Ichimoku EMA Bands", shorttitle="IchiEMA", overlay=true)

ATRlength = input(200, minval=1)
ATRMult = input(2.272, minval=1)

ATR = rma(tr(true), ATRlength)

len = input(26, minval=1, title="EMA Length")
src = input(close, title="Source")
out = ema(src, len)
plot(out, title="EMA", color=orange,transp=85)

emaup = out+(ATR*ATRMult)
emadw = out-(ATR*ATRMult)

plot(emaup, title="EMAUP", color=red)
plot(emadw, title="EMADW", color=green)

conversionPeriods = input(5, minval=1),
basePeriods = input(26, minval=1)
laggingSpan2Periods = input(52, minval=1),
displacement = input(26, minval=1)

donchian(len) => avg(lowest(len), highest(len))

conversionLine = donchian(conversionPeriods)
baseLine = donchian(basePeriods)
leadLine1 = avg(conversionLine, baseLine)
leadLine2 = donchian(laggingSpan2Periods)

kjuncol = conversionLine > baseLine ? blue : conversionLine < baseLine ? red : orange

plot(conversionLine, color=red, title="Conversion Line")
plot(baseLine, color=kjuncol,linewidth=2,transp=5, title="Base Line")


p1 = plot(leadLine1, offset = displacement, color=green,transp=85,
    title="Lead 1")
p2 = plot(leadLine2, offset = displacement, color=red,transp=85,  
    title="Lead 2")
fill(p1, p2,silver)