blackcat1402

[blackcat] L1 Ichimoku Cloud

Level: 1

Background

In Muranaka's article, "Ichimoku Cloud" was described. It contains Ichimoku - Lines and Ichimoku - Cloud.


Function

In the article, Muranaka states that the "market has improved when the delayed line is above the closing prices at that past date." Thus, for this indicator, when the delayed line is above the closing prices at the past date, the turning line will be Green. When the delayed line is below the closing prices at the past date, the turning line will be Red. I eliminate the need to display the delayed line ( Silver color). Of course, you can choose to display the delayed line by setting the ShowDelayLine input to true.


Key Signal

Standard Line --> Blue line;
Turning Line --> Green and Red;
Delayed --> Not shown, Silver .
Span1 and Span 2 --> Ichimoku Cloud , Yellow for up trend and Fuchsia for down trend.


Remarks

This is a Level 1 free and open source indicator.

Feedbacks are appreciated.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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