OPEN-SOURCE SCRIPT
Volume Spread Analysis Ichimoku
This version of the popular Ichimoku indicator is modified to let the user choose between his classic mode and the volume-weighted mode.
Every line of the indicator is customizable with this function.
The Kijun and Tenkan lines are choosable from:
1. The normal version, so the average of the high and the low of the selected period
2. The volume mode, so the average price of the selected input ponderated to the volume
The Senkau Span A is the average from the Kijun (fast line) and the Tenkan (slow line) lines and it's choosable from:
1. The normal price version
2. The volume mode
3. The average between points 1 and 2
4. The automatic average between the two fast lines that you've chosen
The Senkau Span B is the slowest line of the indicator, used to determine the long-term trend, and can be chosen from:
1. The normal average price between the high and the low of the selected period
2. The volume average price, using the Volume Weighted Moving Average
The Trama Backline is the popular "LUX Algo" T.R.A.M.A. indicator, which I'm thankful for, and can be fantastically used to display the current trend strength and condition. This line is readable in the following way:
- If the line is moving sideways, the trend may be in a consolidation phase
- If the line is moving upwards or downwards, the trend may be in a trend phase
Every line of the indicator is customizable with this function.
The Kijun and Tenkan lines are choosable from:
1. The normal version, so the average of the high and the low of the selected period
2. The volume mode, so the average price of the selected input ponderated to the volume
The Senkau Span A is the average from the Kijun (fast line) and the Tenkan (slow line) lines and it's choosable from:
1. The normal price version
2. The volume mode
3. The average between points 1 and 2
4. The automatic average between the two fast lines that you've chosen
The Senkau Span B is the slowest line of the indicator, used to determine the long-term trend, and can be chosen from:
1. The normal average price between the high and the low of the selected period
2. The volume average price, using the Volume Weighted Moving Average
The Trama Backline is the popular "LUX Algo" T.R.A.M.A. indicator, which I'm thankful for, and can be fantastically used to display the current trend strength and condition. This line is readable in the following way:
- If the line is moving sideways, the trend may be in a consolidation phase
- If the line is moving upwards or downwards, the trend may be in a trend phase
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?
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.