Price Action (Ichimoku)
The Price Action (Ichimoku) algorithm determines trend direction with calculations based on the Ichimoku Cloud and Exponential Moving Average technical indicators.
Last updated
The Price Action (Ichimoku) algorithm determines trend direction with calculations based on the Ichimoku Cloud and Exponential Moving Average technical indicators.
Last updated
The Ichimoku Cloud can be used to identify support and resistance levels, as well as momentum and trend direction. It is constructed with five distinct lines, with the shading between two of these forming a cloud. These lines include a 9-period average, a 26-period average, their combined average, a 52-period average, and a trailing close price.
A downward trend is indicated when the price falls beneath the Ichimoku Cloud, and an upward trend when it's above. Trend indications are more robust when the motion of the cloud aligns with price movement. For example, when the cloud's top rises during an uptrend or its bottom descends during a downtrend.
Interactions between Ichimoku Cloud components can be viewed in the Lendal Pro Trader: Ichimoku Visualizer.
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)
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.
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.
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.
Sets the period of Ichimoku EMA 1.
Activates Ichimoku EMA 1. This is an addition to the original Ichimoku Cloud technical indicator.
Sets the period of Ichimoku EMA 2.
Activates Ichimoku EMA 2. This is an addition to the original Ichimoku Cloud technical indicator.
Sets the period of Ichimoku EMA 3.
Activates Ichomoku EMA 3. This is an addition to the original Ichimoku Cloud technical indicator.
Elements of other loaded indicators can also be set as a Source. This allows the use of Lendal Visualizers as factors.
Specifies the Higher Timeframe on which the Ichimoku will be calculated. If a value other than ‘chart’ is set, this will override the setting in the 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 section for details.
