OPEN-SOURCE SCRIPT
Ichimoku Cloud Momentum & Trend Indicator «NoaTrader»
Updated
If you like Ichimoku cloud and use it in your analysis, or you are new to it and sometimes gets tricky to figure out all the details, this indicator tries to simplify that and visualize the change of trend and momentum relative to the past based on ichimoku.
The RED/GREEN columns are showing momentum strength while the black diamond line suggests the trend change. The conditions are simple enough to check them out on the script.
As you can see highlighted cyan circles on the chart as major important signals on the chart of Bitcoin daily timeframe.
This script tries to be complementary to the ichimoku cloud itself and cannot replace the levels represented by the cloud on chart.
The RED/GREEN columns are showing momentum strength while the black diamond line suggests the trend change. The conditions are simple enough to check them out on the script.
As you can see highlighted cyan circles on the chart as major important signals on the chart of Bitcoin daily timeframe.
This script tries to be complementary to the ichimoku cloud itself and cannot replace the levels represented by the cloud on chart.
Release Notes
In this updated we added weighted values for momentum conditions so that the more important condition have more impact on the momentum indicator which makes it a bit more accurate.There is a simple bool input for using this method or not. We could add weight of each condition to the input too, but in the sake of keeping the script usage simple we did not. They can be changed on the code easily.
Trend mechanism is not changed.
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.
Want to use this script on a chart?
nfa & dyor
Invest Smart!
Invest Smart!
Disclaimer
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