Price Action (Ichimoku)
The Price Action (Ichimoku) algorithm determines trend direction with calculations based on the Ichimoku Cloud and Exponential Moving Average technical indicators.
The Ichimoku Cloud
The Ichimoku Cloud indicator is used to assess trend direction, and support and resistance levels. Traders use the Ichimoku Cloud by observing the interactions between its components. For example, if the price is above the cloud, it suggests a bullish trend, while a price below the cloud indicates a bearish trend. Additionally, crossovers between the Tenkan-sen and Kijun-sen, or the price and the Cloud, can generate buy or sell signals.
Ichimoku Visualizer
Interactions between Ichimoku Cloud components can be viewed in the Lendal Pro Trader: Ichimoku Visualizer.
Ichimoku Settings
Chikou Line
Sets the source used to calculate the Chikou line:
Open - open price
High - highest price
Low - lowest price
Close - closing price
Hl2 - average of high + low price (H+L/2)
Hlc3 - average of high + low + close price (H+L+C/3)
Ohlc4 - average of open + high + low + close price (O+H+L+C/4)
Hlcc4 - average of high + low + double-weighted close (H+L+C+C/4)
Vol - ETH: Volume - Ethereum volume
Vol - ETH: Volume MA - Ethereum volume moving average
Elements of other indicators loaded on the chart can also be set as a Source. This allows the use of Lendal Visualizers as Confluence factors.
Higher Timeframe
Specifies the Higher Timeframe on which the Ichimoku will be calculated. If a value other than ‘chart’ is set, this will override the Master Higher Timeframe setting in the Confirmation Control section.
The Higher Timeframe trailer analyzes macro trends over 1000 candles at the resolution of the current timeframe in TradingView. The maximum lookback period must be considered when selecting a Higher Timeframe. See the Higher Timeframe Limitations section for details.
Tenkan Sen Period
Sets the number of periods from which the Tenkan Sen is calculated. The Tenkan Sen calculates the average of the highest high and the lowest low over the specified period. It is commonly used to identify short-term trends and support/resistance levels. Default period = 9.
Kijun Sen Periods
Sets the number of periods from which the Kijus Sen is calculated. Similar to the Tenkan-sen, the Kijun Sen calculates the average of the highest high and the lowest low over a longer period. It is often used to gauge medium-term trends and potential reversals. Default period = 26.
Chikou Span Periods
Sets the lookback periods for the Chikou Span visualizer. The Chikou Span represents the current closing price, shifted backward relative to the chart. It allows a comparison between current and historical price action at the specified period. Default = 52.
Ichimoku EMA 1 Periods
Sets the period of Ichimoku EMA 1.
Enable EMA 1
Activates Ichimoku EMA 1. This is an addition to the original Ichimoku Cloud technical indicator.
Ichimoku EMA 2 Periods
Sets the period of Ichimoku EMA 2.
Enable EMA 2
Activates Ichimoku EMA 2. This is an addition to the original Ichimoku Cloud technical indicator.
Ichimoku EMA 3 Periods
Sets the period of Ichimoku EMA 3.
Enable EMA 3
Activates Ichomoku EMA 3. This is an addition to the original Ichimoku Cloud technical indicator.
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