Kijun Trend Indicator

Name: Kijun Trend Indicator

Category: Trend Analysis

Timeframe: All timeframes

Suggested usage: In a trending market, to understand when it is good to enter short (red line) and when to enter long (blue line).

Technical Analysis: The original idea was taken from Larry Williams: an uptrend is identified when the price is above an 18-period simple moving average (SMA) and when at least two candles do not touch the simple moving average with their lows. The opposite is true for a downtrend.

Corrado Rondelli has therefore reinterpreted with Ichimoku aka "ichimokized" replacing the 18-period Simple Moving Average with the 26-period Kijun - as per the original Ichimoku settings.

In order to make the indicator more flexible an Exponential Moving Average (EMA) has also been added.

The indicator plots the chosen line that becomes red when it is good to enter short and blue when it is good to enter long.

- Length: period to be used to calculate the line.
- Type: the line type that can be the Kijun (26-period) or SMA/EMA (18-period)
Release Notes:
Displays the color change on the previous candle

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Open-source script

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