OPEN-SOURCE SCRIPT
Ichimoku Cloud Score MTF
This is a simple multi time frame (MTF) conversion of the Ichimoku Cloud Score indicator.
All credit goes to the following users for the initial implementations:
- User dashed :
- User sjb933 :
This script calculates the Cloud Score based on the sjb933 version; all I've done is convert the script to Pinescript version 3 (to ensure the security function works as intended) and add MTF capability.
I'm a big fan of MTF analysis when using indicators (particularly oscillators). Using a higher time frame runs into the issue of the indicator repainting until the relevant higher time frame candle closes (this is inevitable and logical - so don't comment saying it repaints!). However, for lagging indicators such as this one, adding a lower time frame provides potential entry and exit signals into the larger trend, and also provides early warning of large trend shifts before the current time frame will. This can give you more control over your trades, and in my experience helps lagging indicators such as Ichimoku stay relevant in high volatility markets that are vastly different from when the indicators were conceived.
Any queries please let me know.
Cheers,
RJR
All credit goes to the following users for the initial implementations:
- User dashed :
- User sjb933 :
This script calculates the Cloud Score based on the sjb933 version; all I've done is convert the script to Pinescript version 3 (to ensure the security function works as intended) and add MTF capability.
I'm a big fan of MTF analysis when using indicators (particularly oscillators). Using a higher time frame runs into the issue of the indicator repainting until the relevant higher time frame candle closes (this is inevitable and logical - so don't comment saying it repaints!). However, for lagging indicators such as this one, adding a lower time frame provides potential entry and exit signals into the larger trend, and also provides early warning of large trend shifts before the current time frame will. This can give you more control over your trades, and in my experience helps lagging indicators such as Ichimoku stay relevant in high volatility markets that are vastly different from when the indicators were conceived.
Any queries please let me know.
Cheers,
RJR
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — 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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — 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.