Ichimoku Variations

2 באפר׳ 2022

The Ichimoku cloud is traditionally constructed from the highest high and lowest low for a number of periods. This script allows for it to be transformed and calculated like more traditional moving averages (e.g. simple moving average, exponential moving average). Since the Ichimoku is normally a system of moving average-like lines, maybe someone out there will learn something from being able to switch to sma, ema, etc etc.

In general, I think no TA indicator is a magic bullet, and you should just use what you like!

Credit: This script utilizes the "Color Gradient Framework" tutorial by LucF (PineCoders) to create gradient visuals, which are also customizable for the user.

Recommended modes:

• default
  
• SMA
  
• EMA
  
• SMMA
  
• WMA
  
• VWMA
  
• Tillson T3

Not Recommended (These moving averages are too fast, and probably will require adjusting settings to something like the 20-60-120-30 to make more sense):

• HMA
  
• EHMA
  
• TEMA
  
• ALMA
  
• LSMA