Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Release Notes: - Trend trading tool - When the monthly range line or cloud is blue, the trend is up, vice-versa for orange/red. - Length auto-adjusts for every timeframe. This indicator does not work on weekly and above timeframes. - Monthly line color change doesn't work on some things like forex because the price is too low
The origin of this concept is not from Ichimoku so I can't speak on whether or not it can be used in the same way. This came from an attempt to recreate Murray Math Lines that didn't go very well.
Taking the highest and lowest of particular ranges is a great way to find an average/framework of price action. It works especially well when using geometric mean, which works towards making an average of price.
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