OPEN-SOURCE SCRIPT
MTF Ichimoku Conversion Line SMA
Well, traders talk about the "trend" or trendlines.
We've got many theories defining "the trend" out there...
But which "trend" are they discussing?
"I've heard of Dow, Elliott, Parabolic SAR, etc..."
Let's put it. Just Use the Conversion Line of Ichimoku.
It indicates trend conversion.
Tired of following the step-like weird line?
Okay, Use SMA of it. Yes, you've got a very smooth line, above which the "trend" can be read as an uptrend, and below it is a downtrend.
A spacenoid, alien invader's definition of the "trend"?
Maybe so. But don't be afraid. Whatever it is, it must be your friend if it's a trend.
-Recommended Setting
Conversion Line Period: 9 or 12
SMA period: 14 or 10
SMA Mode: True
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 publications is governed by House rules. You can favorite it to use it on a chart.
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