For anyone that uses the Ichimoku Cloud there is a consistent need to flip between timeframes to get information about this at all levels. However, that trouble is now over. In this script there are 4 Ichimoku Clouds that operate in 4 different time frames. To change the timeframe simply change the multiplication factor to the desired levels. How this script works is that it takes your current timeframe as an input then it applies multiplication factors to it to achieve larger timescales. In the example here we are looking at the XBTJPY pair on the 1 hour. Our first cloud is 1x scaling, meaning that it is the 1 hour cloud. The second and third are 2x and 4x respectively meaning that we are looking at the 2 hour cloud and the 4 hour cloud. Lastly the largest cloud is the 24x cloud, aka the daily cloud. Now you only really need one look at the clouds for all the essential information.
As always feel free to message me about anything regarding this script. Be happy :)
Hi and thanks for this super script !
I would like to modify it for me to see clouds for daily + weekly clouds.
How should I modify it ?
Thanks
mcbw_
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Hi @trader77330, all you have to do is change the multiples. For example if you are on the 1 hour chars and want to see the daily cloud you would use the a multiple of 1 * 24 = 24. Or if you are markets that are open for 5 days a week you would use 5 * 24 = 120 as a multiple on the one hour chart (or 7 * 24 = 168 multiple for markets that are open 24/7) If you are on the 4 hour chart and want the daily it would be a multiple of 6
hi
thank you for this indicator its very good
can you add tenken sen , kijun sen , lagging span plots to indicator ?
it would be benefit ...
kjs1
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Thank you for this! Been looking everywhere for this type of script. Couple of questions: 1) Your default settings of 20/60/120 -were these for currency markets which exist 24/7? ; 2) if so, what would you recommend for index futures which trade 1630-1615 est everyday M-F, then start trading again Sunday night at 1800est - about 5 1/2 days per week!
Thanks
mcbw_
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Hey @kjs1, the choice parameters for the Ichimoku cloud is contingent on what time scale you are looking for trading opportunities, just like moving averages. It is always safe to set them at a dominant period of your market or some multiple of it, there is no truly "wrong" periods. If you open the built in ichimoku cloud on tradingview the parameters there are already set for 24/5 markets, or what is most commonly the dominant periods in 24/5 markets. Just copy the parameters into this indicator, if you are looking for longer moves try doubling the values, or faster moves try halving them.