CapnOscar

Ichimoku EMA Bands

Some find Ichimoku Clouds bit complicated. This simplified version is combined with EMA Bands may be profitable. Give a try!. I recommend hourly timeframe for good results. Aye! :D
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study(title="Ichimoku EMA Bands", shorttitle="IchiEMA", overlay=true)

ATRlength = input(200, minval=1)
ATRMult = input(2.272, minval=1)

ATR = rma(tr(true), ATRlength)

len = input(26, minval=1, title="EMA Length")
src = input(close, title="Source")
out = ema(src, len)
plot(out, title="EMA", color=orange,transp=85)

emaup = out+(ATR*ATRMult)
emadw = out-(ATR*ATRMult)

plot(emaup, title="EMAUP", color=red)
plot(emadw, title="EMADW", color=green)

conversionPeriods = input(5, minval=1),
basePeriods = input(26, minval=1)
laggingSpan2Periods = input(52, minval=1),
displacement = input(26, minval=1)

donchian(len) => avg(lowest(len), highest(len))

conversionLine = donchian(conversionPeriods)
baseLine = donchian(basePeriods)
leadLine1 = avg(conversionLine, baseLine)
leadLine2 = donchian(laggingSpan2Periods)

kjuncol = conversionLine > baseLine ? blue : conversionLine < baseLine ? red : orange

plot(conversionLine, color=red, title="Conversion Line")
plot(baseLine, color=kjuncol,linewidth=2,transp=5, title="Base Line")


p1 = plot(leadLine1, offset = displacement, color=green,transp=85,
    title="Lead 1")
p2 = plot(leadLine2, offset = displacement, color=red,transp=85,  
    title="Lead 2")
fill(p1, p2,silver)
Thank you for this. I'm not getting the bllue and red up/down arrows or $ symbol. Are these different indicators separate to the above?
Reply
No, i placed arrow for strategy... if i can get time i may code it as strategy with signal arrows sometime...
Reply
Thank you very much , Could you briefly explain the conditions to enter and exit please ?
Reply
You are welcome... conditions are quite simple.. Red or Blue line you represents trend . If this blue line above cloud trend stronger up and if red and below cloud down.. when candle close above line. This is your long entry. Or vice versa.. when price touch the band and exceed take profit. Or move your trailing spot breakeven...
+1 Reply
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