ramsay09

Ichimoku Kinko Hyo + Fractals

In contrast to my Ichimoku ++ Study this is a pure Ichimoku Konko Hyo Study with Bill Williams Fractals (I couldn't leave out the fractals as these levels are too important for Ichimoku trading).

In this study you can find many visualisation options for the Ichimoku Indicator and the signals the Ichimoku Tradingsystem can provide.

Tenkan-sen and Kijun-sen are provided optionally as mtf levels.

An mtf price cloud relationship is shown in the upper right.

The included signals are:

B1/S1 is a strong filtered signal. The condition for long entry is:
price > Kumo AND Chikou > price AND Chikou > Kumo AND Tenkan > Kijun AND Komo is green

B2/S2 is a less filtered signal. The condition for long entry is:
price > Kumo AND Chikou > price AND Tenkan > Kijun

IB /IS is a confluence signal. The condition for a long/short entry is: more than 50% of the 8 defined conditions must trigger a long signal. Below 50% long, it is a short signal because more than 50% of the entry conditions have triggered a short signal.

Versionshinweise: Color "code" for Kijun-sen and Tenkan-sen endings added.
Versionshinweise: Fixed Tenkan-sen plot bug.
Versionshinweise: Tooltips added.
Versionshinweise: Code updated. Some more Background signals added.
Versionshinweise: Attributes of some drawn objects Added. Because of output limitations, I can't add more attributes.
Versionshinweise: Script converted to Pine v5.
Open-source Skript

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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