Again, ichimoku based signal generator, this time using the Kijun-sen (Base line) and the Tenkan-sen (Conversion line) to assess price action.
Works best on timeless charts (e.g. Point & Figure, Renko's, ...).
Use with caution !! ... or with very small TP targets !!
Works best on timeless charts (e.g. Point & Figure, Renko's, ...).
Use with caution !! ... or with very small TP targets !!
study("Ichimoku_on_steroids v 1.0 (Scalper's) OL", overlay=true) varLo = input(title="Fast (Conversion) Line", type=integer, defval=9, minval=1, maxval=99999) varHi = input(title="Slow (Base) Line", type=integer, defval=26, minval=1, maxval=99999) emafreq = input(title="Ema on price frequency", type=integer, defval=2, 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 > c and z > f ? green : z < c and z < f ? red : yellow, transp=70) plot(z, title="ema on Price", color=black) plot(c, title="Fast (Conversion) Line", color=green) plot(f, title="Slow (Base) Line", color=red)