OPEN-SOURCE SCRIPT
Ichimoku with Vertical Mirror Distance
The Ichimoku Kinko Hyo is a powerful technical indicator used to assess market trends, potential support and resistance levels, and momentum. It consists of several components that help visualize the market's state:
Tenkan-sen (Conversion Line): A fast-moving average.
Kijun-sen (Base Line): A slower-moving average.
Senkou Span A (Leading Span A): The average of Tenkan-sen and Kijun-sen, shifted forward in time.
Senkou Span B (Leading Span B): A slower moving average of the high and low price over a period of 52 periods, shifted forward in time.
Chikou Span (Lagging Line): The closing price shifted back in time by 26 periods.
This custom version of the Ichimoku indicator adds the vertical mirrored distance feature, which calculates the distance between Senkou Span B and Kijun-sen and then mirrors this distance to create two new lines. These new lines help visualize the range between these key Ichimoku lines.
Tenkan-sen (Conversion Line): A fast-moving average.
Kijun-sen (Base Line): A slower-moving average.
Senkou Span A (Leading Span A): The average of Tenkan-sen and Kijun-sen, shifted forward in time.
Senkou Span B (Leading Span B): A slower moving average of the high and low price over a period of 52 periods, shifted forward in time.
Chikou Span (Lagging Line): The closing price shifted back in time by 26 periods.
This custom version of the Ichimoku indicator adds the vertical mirrored distance feature, which calculates the distance between Senkou Span B and Kijun-sen and then mirrors this distance to create two new lines. These new lines help visualize the range between these key Ichimoku lines.
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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