PROTECTED SOURCE SCRIPT
Delmar - Ichimoku & 3-8 Trap Ribbon Concepts
Delmar - Ichimoku & 3-8 Trap Ribbon Concepts
Indicator Description
The Delmar - Ichimoku & 3-8 Trap Ribbon Concepts indicator combines the traditional Ichimoku Kinkō Hyō system with a custom 3-8 Trap Ribbon candlestick coloring scheme. This powerful tool helps traders identify trends, momentum, and potential reversal points on any TradingView chart. The Ichimoku components provide a comprehensive view of price action, while the 3-8 Trap Ribbon enhances visualization by coloring candlesticks based on their position relative to key Ichimoku lines.
Key Features
Ichimoku Kinkō Hyō: Plots five lines (Tenkan Sen, Tenkan Sen Short, Kijun Sen, Chikou Span, Senkou Span A & B) and the Kumo (cloud) to identify trends, support/resistance, and momentum.
3-8 Trap Ribbon: Colors candlesticks based on the close price’s position relative to the Tenkan Sen Short (3 periods), Tenkan Sen (9 periods), and Kijun Sen (26 periods), highlighting bullish, bearish, or neutral market conditions.
Customizable Settings: Toggle visibility of Ichimoku lines and Kumo, and adjust calculation periods to suit different timeframes or markets.
Alerts: Generates alerts when candlestick colors change, signaling potential trend shifts or trading opportunities.
How to Use the Indicator
Adding the Indicator
Open TradingView: Log in to your TradingView account and navigate to the chart for your desired asset (e.g., stock, forex, crypto).
Access Indicators: Click the “Indicators, Metrics & Strategies” button (fx icon) at the top of the chart.
Search for the Indicator: Type “Delmar - Ichimoku & 3-8 Trap Ribbon Concepts” in the search bar and select it from the list of published indicators.
Add to Chart: Click the indicator name to apply it to your chart.
Configuring Settings
Once added, customize the indicator via the Settings panel:
Ichimoku Kinkō Hyō Group:
Show Ichimoku Lines: Enable/disable the display of Tenkan Sen, Tenkan Sen Short, Kijun Sen, and Chikou Span (default: enabled).
Show Kumo: Toggle the Kumo (cloud) formed by Senkou Span A and B (default: enabled).
Tenkan Sen Length: Set the period for Tenkan Sen calculation (default: 9).
Tenkan Sen Short Length: Set the period for the short Tenkan Sen (default: 3).
Kijun Sen Length: Set the period for Kijun Sen (default: 26).
Senkou Span B Length: Set the period for Senkou Span B (default: 52).
Chikou & Senkou Offset: Adjust the offset for Chikou Span (past) and Senkou Spans (future) (default: 26).
Adjust these settings based on your trading style or timeframe (e.g., shorter periods for intraday, longer for swing trading).
Interpreting the Indicator
Ichimoku Components:
Tenkan Sen (Red): Short-term trend (default 9 periods). Above Kijun Sen = bullish, below = bearish.
Tenkan Sen Short (Light Red): Ultra-short-term trend (default 3 periods) for faster signals.
Kijun Sen (Blue): Medium-term trend (default 26 periods). Acts as dynamic support/resistance.
Chikou Span (Gray): Close price plotted 26 periods back. Above past price = bullish, below = bearish.
Kumo (Cloud): Formed by Senkou Span A and B. Green cloud = bullish (Span A > Span B), red = bearish (Span A < Span B). Price above Kumo = bullish trend, below = bearish.
3-8 Trap Ribbon (Candlestick Colors):
Dark Green: Close is above all three lines (Tenkan Sen Short, Tenkan Sen, Kijun Sen) → Strong bullish momentum.
Light Green: Close is below Tenkan Sen Short but above Tenkan Sen and Kijun Sen → Moderate bullish signal.
Yellow: Close is between Tenkan Sen and Kijun Sen → Neutral or consolidation.
Dark Red: Close is below all three lines → Strong bearish momentum.
Light Red: Close is above Tenkan Sen Short but below Tenkan Sen and Kijun Sen → Moderate bearish signal.
Gray: Default for undefined conditions.
Setting Up Alerts
The indicator includes an alert system to notify you when candlestick colors change, indicating potential trend shifts.
Open Alert Menu: Click the “Alert” button (bell icon) on the TradingView toolbar.
Select the Indicator: Choose “Delmar - Ichimoku & 3-8 Trap Ribbon Concepts” as the condition.
Configure Alert:
Set the condition to “Any alert() function call” to capture color change alerts (e.g., “Candle color changed to Dark Green”).
Choose your notification method (e.g., email, SMS, webhook, or TradingView notification).
Set the frequency to “Once Per Bar Close” to avoid multiple alerts per bar.
Create Alert: Save the alert and ensure it’s active.
Use these alerts to monitor key market shifts, such as entering/exiting a trend or spotting consolidation.
Trading Strategies
Trend Following:
Bullish: Enter long when price is above the Kumo, Chikou Span is above past price, and candles are Dark Green or Light Green.
Bearish: Enter short when price is below the Kumo, Chikou Span is below past price, and candles are Dark Red or Light Red.
Reversal Signals:
Look for Tenkan Sen crossing above/below Kijun Sen, combined with a color change (e.g., from Yellow to Dark Green for bullish reversal).
Confirm reversals when price breaks through the Kumo with a color shift (e.g., Dark Red to Yellow or Light Green).
Consolidation: Yellow candles indicate price is between Tenkan Sen and Kijun Sen, suggesting a range-bound market. Avoid trend-based trades until a breakout occurs.
Combine with other indicators (e.g., RSI, volume) for confirmation.
Tips for Optimal Use
Timeframes: Use on higher timeframes (e.g., 1H, 4H, Daily) for swing trading, or lower timeframes (e.g., 5M, 15M) for day trading.
Markets: Works well on trending markets (forex, stocks, crypto). Adjust period lengths for volatile assets.
Customization: Experiment with Tenkan Sen Short (e.g., 3–5 periods) and offset values to match market speed.
Backtesting: Test the indicator on historical data to validate signals before live trading.
Limitations
Lagging Indicators: Ichimoku components are based on historical data, so signals may lag in fast-moving markets.
False Signals: Yellow candles (consolidation) may occur frequently in choppy markets, requiring confirmation from other tools.
Performance: On low-end devices, rendering the Kumo and multiple lines may slow down if zoomed out over large datasets.
Support
For questions or suggestions, contact the indicator author via TradingView’s messaging system or check the script’s comment section for updates. Happy trading!
Indicator Description
The Delmar - Ichimoku & 3-8 Trap Ribbon Concepts indicator combines the traditional Ichimoku Kinkō Hyō system with a custom 3-8 Trap Ribbon candlestick coloring scheme. This powerful tool helps traders identify trends, momentum, and potential reversal points on any TradingView chart. The Ichimoku components provide a comprehensive view of price action, while the 3-8 Trap Ribbon enhances visualization by coloring candlesticks based on their position relative to key Ichimoku lines.
Key Features
Ichimoku Kinkō Hyō: Plots five lines (Tenkan Sen, Tenkan Sen Short, Kijun Sen, Chikou Span, Senkou Span A & B) and the Kumo (cloud) to identify trends, support/resistance, and momentum.
3-8 Trap Ribbon: Colors candlesticks based on the close price’s position relative to the Tenkan Sen Short (3 periods), Tenkan Sen (9 periods), and Kijun Sen (26 periods), highlighting bullish, bearish, or neutral market conditions.
Customizable Settings: Toggle visibility of Ichimoku lines and Kumo, and adjust calculation periods to suit different timeframes or markets.
Alerts: Generates alerts when candlestick colors change, signaling potential trend shifts or trading opportunities.
How to Use the Indicator
Adding the Indicator
Open TradingView: Log in to your TradingView account and navigate to the chart for your desired asset (e.g., stock, forex, crypto).
Access Indicators: Click the “Indicators, Metrics & Strategies” button (fx icon) at the top of the chart.
Search for the Indicator: Type “Delmar - Ichimoku & 3-8 Trap Ribbon Concepts” in the search bar and select it from the list of published indicators.
Add to Chart: Click the indicator name to apply it to your chart.
Configuring Settings
Once added, customize the indicator via the Settings panel:
Ichimoku Kinkō Hyō Group:
Show Ichimoku Lines: Enable/disable the display of Tenkan Sen, Tenkan Sen Short, Kijun Sen, and Chikou Span (default: enabled).
Show Kumo: Toggle the Kumo (cloud) formed by Senkou Span A and B (default: enabled).
Tenkan Sen Length: Set the period for Tenkan Sen calculation (default: 9).
Tenkan Sen Short Length: Set the period for the short Tenkan Sen (default: 3).
Kijun Sen Length: Set the period for Kijun Sen (default: 26).
Senkou Span B Length: Set the period for Senkou Span B (default: 52).
Chikou & Senkou Offset: Adjust the offset for Chikou Span (past) and Senkou Spans (future) (default: 26).
Adjust these settings based on your trading style or timeframe (e.g., shorter periods for intraday, longer for swing trading).
Interpreting the Indicator
Ichimoku Components:
Tenkan Sen (Red): Short-term trend (default 9 periods). Above Kijun Sen = bullish, below = bearish.
Tenkan Sen Short (Light Red): Ultra-short-term trend (default 3 periods) for faster signals.
Kijun Sen (Blue): Medium-term trend (default 26 periods). Acts as dynamic support/resistance.
Chikou Span (Gray): Close price plotted 26 periods back. Above past price = bullish, below = bearish.
Kumo (Cloud): Formed by Senkou Span A and B. Green cloud = bullish (Span A > Span B), red = bearish (Span A < Span B). Price above Kumo = bullish trend, below = bearish.
3-8 Trap Ribbon (Candlestick Colors):
Dark Green: Close is above all three lines (Tenkan Sen Short, Tenkan Sen, Kijun Sen) → Strong bullish momentum.
Light Green: Close is below Tenkan Sen Short but above Tenkan Sen and Kijun Sen → Moderate bullish signal.
Yellow: Close is between Tenkan Sen and Kijun Sen → Neutral or consolidation.
Dark Red: Close is below all three lines → Strong bearish momentum.
Light Red: Close is above Tenkan Sen Short but below Tenkan Sen and Kijun Sen → Moderate bearish signal.
Gray: Default for undefined conditions.
Setting Up Alerts
The indicator includes an alert system to notify you when candlestick colors change, indicating potential trend shifts.
Open Alert Menu: Click the “Alert” button (bell icon) on the TradingView toolbar.
Select the Indicator: Choose “Delmar - Ichimoku & 3-8 Trap Ribbon Concepts” as the condition.
Configure Alert:
Set the condition to “Any alert() function call” to capture color change alerts (e.g., “Candle color changed to Dark Green”).
Choose your notification method (e.g., email, SMS, webhook, or TradingView notification).
Set the frequency to “Once Per Bar Close” to avoid multiple alerts per bar.
Create Alert: Save the alert and ensure it’s active.
Use these alerts to monitor key market shifts, such as entering/exiting a trend or spotting consolidation.
Trading Strategies
Trend Following:
Bullish: Enter long when price is above the Kumo, Chikou Span is above past price, and candles are Dark Green or Light Green.
Bearish: Enter short when price is below the Kumo, Chikou Span is below past price, and candles are Dark Red or Light Red.
Reversal Signals:
Look for Tenkan Sen crossing above/below Kijun Sen, combined with a color change (e.g., from Yellow to Dark Green for bullish reversal).
Confirm reversals when price breaks through the Kumo with a color shift (e.g., Dark Red to Yellow or Light Green).
Consolidation: Yellow candles indicate price is between Tenkan Sen and Kijun Sen, suggesting a range-bound market. Avoid trend-based trades until a breakout occurs.
Combine with other indicators (e.g., RSI, volume) for confirmation.
Tips for Optimal Use
Timeframes: Use on higher timeframes (e.g., 1H, 4H, Daily) for swing trading, or lower timeframes (e.g., 5M, 15M) for day trading.
Markets: Works well on trending markets (forex, stocks, crypto). Adjust period lengths for volatile assets.
Customization: Experiment with Tenkan Sen Short (e.g., 3–5 periods) and offset values to match market speed.
Backtesting: Test the indicator on historical data to validate signals before live trading.
Limitations
Lagging Indicators: Ichimoku components are based on historical data, so signals may lag in fast-moving markets.
False Signals: Yellow candles (consolidation) may occur frequently in choppy markets, requiring confirmation from other tools.
Performance: On low-end devices, rendering the Kumo and multiple lines may slow down if zoomed out over large datasets.
Support
For questions or suggestions, contact the indicator author via TradingView’s messaging system or check the script’s comment section for updates. Happy trading!
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.