OPEN-SOURCE SCRIPT
InariN simple
Updated
Japanese legendary day trader's indicator "InariN" .
"N jijii " introduced this original indicator at his ebook and I made it simple for my own use .
This is not original type but I picked up essential elements to practice his idea .
I guess he is real forex day trader and "InariN" is similar to "Ichimoku" .
I have used this at EUR/USD 5 minutes chart for several months and I get basis for judgement .
This is not a magical tool but you can make good reference point to use this .
I think " I " means first swing , " nari " is " become " and " = " , and " N " is third swing .
For example , look at chart , AB is first swing ,BC is second and CD is third .
In many cases ,AB = CD and it called measured move .
"InariN" provide reference point to decide always-in ,entry point , entry timing and exit point.
1.
"InariN" is a trendfollowing tool , you can judge bull or bear by a few lines .
25 ema represent short time frame , 49 (about 4 hour bar at 5 minutes chart ) is middle time frame and 217 (about 18 hour at 5 minutes chart )is long time frame (preset periods is "N jijii" style . please use favorite time frame ).
For example , when current price is above 25ema ,49ema and 217 High-low band"s middle line , market is strong bull .
So you can do multi time frame analyze .
Hint ; you also have to check daily chart's trend .
2.
Every line provided by "InariN" tends to become bull-bear battle point , so you can easily check where is support and resistance line .
Hint ; Especially 25ema is important to pullback entry in trend and 217 high-low line is important to do fade trade in range and reversal .
You have to wait entry until touch and stick lines and follow winner (to avoid failed breakout check shrinking bar) .
3.
You can also use lines to except exit point because high-low band is symmetry .
Hint ; I recommend use custom fibonacci retracement tool to measure Risk-Reward Ratio and exit point .
I customized fibo tool to be symmetry .
Entry point ,exit point and loss cut point became symmetry and you can add other symmetry points more .
For example , look at chart , blue lines is fibo tool and you can measure exit point .
Have fun!!
"N jijii " introduced this original indicator at his ebook and I made it simple for my own use .
This is not original type but I picked up essential elements to practice his idea .
I guess he is real forex day trader and "InariN" is similar to "Ichimoku" .
I have used this at EUR/USD 5 minutes chart for several months and I get basis for judgement .
This is not a magical tool but you can make good reference point to use this .
I think " I " means first swing , " nari " is " become " and " = " , and " N " is third swing .
For example , look at chart , AB is first swing ,BC is second and CD is third .
In many cases ,AB = CD and it called measured move .
"InariN" provide reference point to decide always-in ,entry point , entry timing and exit point.
1.
"InariN" is a trendfollowing tool , you can judge bull or bear by a few lines .
25 ema represent short time frame , 49 (about 4 hour bar at 5 minutes chart ) is middle time frame and 217 (about 18 hour at 5 minutes chart )is long time frame (preset periods is "N jijii" style . please use favorite time frame ).
For example , when current price is above 25ema ,49ema and 217 High-low band"s middle line , market is strong bull .
So you can do multi time frame analyze .
Hint ; you also have to check daily chart's trend .
2.
Every line provided by "InariN" tends to become bull-bear battle point , so you can easily check where is support and resistance line .
Hint ; Especially 25ema is important to pullback entry in trend and 217 high-low line is important to do fade trade in range and reversal .
You have to wait entry until touch and stick lines and follow winner (to avoid failed breakout check shrinking bar) .
3.
You can also use lines to except exit point because high-low band is symmetry .
Hint ; I recommend use custom fibonacci retracement tool to measure Risk-Reward Ratio and exit point .
I customized fibo tool to be symmetry .
Entry point ,exit point and loss cut point became symmetry and you can add other symmetry points more .
For example , look at chart , blue lines is fibo tool and you can measure exit point .
Have fun!!
Release Notes
I changed parameters.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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