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Miscellaneous > Ichimoku - Lines

Article/Author: "Ichimoku Charts", Ken Muranaka, S&C Magazine, Traders Tips, 10/2000

Download: Ichimoku.ela

File Includes:

Indicator - Ichimoku - Lines
Indicator - Ichimoku - Cloud

Category: Indicator > Miscellaneous

Description:

Ichimoku is a Japanese trading model.

Kumo 1 and 2 lines create a "cloud" which is an area of support or resistance. The market must break through the cloud to signal a buy or sell. They are used in a similar way to support and resistance levels. (See Ichimoku - Cloud indicator).

Tenkan line (Standard line) displays average value of the price for the first space of time defined as the sum of a maximum and the minimum for this time, bisected on two. Kijun (Turning line) displays average value of the price for the second space of time.

Usage:

If Tenkan (Standard line)it crosses up above the kijun line, buy. If it crosses down below the kijun line, sell.

If the Kijun (Turning line) is going down, then sell. If the kijun line is going up, then buy.

If you prefer not to see any color changes in the turning line, you can simply set the DelayColor input to the same color as that which is assigned to the turning line in the Format dialog.




Inputs:

Standard - number of bars to calculate Standard line
Turning - number of bars to calculate Turning line
Delaycolor - change color control
ShowDelayLine - Delay line control

EasyLanguage Code:
INPUTS: STANDARD(26), TURNING(9), DELAYCOLOR(YELLOW), SHOWDELAYLINE(FALSE);

VARIABLES:STDLINE(0), TURNLINE(0), DELAYLINE(0);

STDLINE = (HIGHEST(HIGH, STANDARD) + LOWEST(LOW, STANDARD)) / 2;
TURNLINE = (HIGHEST(HIGH, TURNING) + LOWEST(LOW, TURNING)) / 2;
DELAYLINE = CLOSE[STANDARD];

PLOT1(STDLINE, "STANDARD");
PLOT2(TURNLINE, "TURNING");
IF CLOSE > DELAYLINE THEN
SETPLOTCOLOR(2, BLUE)
ELSE
SETPLOTCOLOR(2, DELAYCOLOR);

IF SHOWDELAYLINE THEN
PLOT3[26](CLOSE, "DELAYED");