Based on the original Ichimoku formula, this indicator provides decent long/short entries/exit signals. It takes into account an EMA on price as well as the two leading lines (without the future projection). Works on all timeframes, on all bar style's (incl. Renko & PnF). Configurable to your taste in the settings.
Black line = EMA on close // Green line = Leading Span A // Red line = Leading Span B
Green = Long bias // Red = Short bias // Yellow = Neutral bias or close position
The cautious trader might want to wait for confirmation (red or green) before entering a position ; the riskier trader might want to enter as soon as neutral territory is reached.
As usual : use it at your own risk ;)
Comments / suggestions welcome
PS: there are more scripts in the pipeline ... :)
Black line = EMA on close // Green line = Leading Span A // Red line = Leading Span B
Green = Long bias // Red = Short bias // Yellow = Neutral bias or close position
The cautious trader might want to wait for confirmation (red or green) before entering a position ; the riskier trader might want to enter as soon as neutral territory is reached.
As usual : use it at your own risk ;)
Comments / suggestions welcome
PS: there are more scripts in the pipeline ... :)
study("Ichimoku_on_steroids v 1.0 OL", overlay=true)
varLo = input(title="Fast Leading Line", type=integer, defval=9, minval=1, maxval=99999)
varHi = input(title="Slow Leading Line", type=integer, defval=26, minval=1, maxval=99999)
emafreq = input(title="Ema on price frequency", type=integer, defval=10, minval=1, maxval=99999)
a = lowest(varLo)
b = highest(varLo)
c = (a + b ) / 2
d = lowest(varHi)
e = highest(varHi)
f = (d + e) / 2
g = ((c + f) / 2)[varHi]
h = ((highest(varHi * 2) + lowest(varHi * 2)) / 2)[varHi]
z = ema(close, emafreq)
bgcolor(z > h and z > g ? green : z < h and z < g ? red : yellow, transp=70)
plot(z, title="ema on Price", color=black)
plot(g, title="Fast Leading Line", color=green)
plot(h, title="Slow Leading Line", color=red)