Ichimoku can state market conditions better than any indicator or group of indicators(My own perspective). Ichimoku works seamlessly in different timeframes. Analysis of Ichimoku in different timeframes can give you the bigger picture of the market.
This indicator analyzes six different timeframes with Ichimoku in depth. Default timeframes are 5M, 30M, 60M, D, W, and M. You can change the default timeframes from the setting.
As we are dealing with many relations, we can define the relationship with a simple score to get the trend strength.
Ichimoku Analysis: Relationship of Price(P) with Ichimoku indicators: Here we are analyzing the current price and Ichimoku indicators. The position of price with respect to Ichimoku indicators states the market condition clearly.
Price(P) and Kumo(C): P > C = Bullish (↑). P < C = Bearish (↓). P <> C = consolidation or no trend(↔). Score: ±2
Price(P) and Tenkan Sen(T): P >= T = Bullish (↑). P < T = Bearish (↓). Score: ±0.5
Price(P) and Kijun Sen(K): P >= K = Bullish (↑). P < T = Bearish (↓). Score: ±0.5
Price(26 bars ago) and Chiku(L): L >= P(26) = Bullish (↑). L < P(26) = Bearish (↓). Score: ±0.5
Tenkan Sen and Kijun Sen Relation. Tenkan Sen depicts short-term trends and Kijun depicts mid-term trends. So this relationship is important for analyzing the current trend of the market.
*Tenkan Sen(T) and Kijun Sen(K): T >= K = Bullish (↑). T < K = Bearish (↓). Score: ±2 Direction of Ichimoku indicators. The direction of Ichimoku indicators helps us to understand the trend strength. *Tenkan Sen's(T) direction: Upward slope = Bullish (↑). Downward slope = Bearish (↓). Flat=consolidation or no trend(↔). Score: ±0.5
*Kijun Sen's(K) direction: Upward slope = Bullish (↑). Downward slope = Bearish (↓). Flat=consolidation or no trend(↔). Score: ±0.5
*Senkou A(A) direction: Upward slope = Bullish (↑). Downward slope = Bearish (↓). Flat=consolidation or no trend(↔). Score: ±0.5
*Senkou B(A) direction: Upward slope = Bullish (↑). Downward slope = Bearish (↓). Flat=consolidation or no trend(↔). Score: ±0.5
Cloud and other Ichimoku indicators: Kumo or Cloud is very important in the Ichimoku system. Analyzing its relation with other indicators is important to detect the overall market condition. *Kumo(C) and Tenkan Sen(T): T >= C = Bullish (↑). T < C = Bearish (↓). T <> C = consolidation or no trend(↔). Score: ±0.5
*Kumo(C) and Kijun Sen(K): K >= C = Bullish (↑). K < C = Bearish (↓). K <> C = consolidation or no trend(↔). Score: ±0.5
*Kumo(C) and Chiku(L): L >= C = Bullish (↑). L < C = Bearish (↓). L <> C = consolidation or no trend(↔). Score: ±0.5
*Kumo(C) Shadow: By analyzing the last 252 bars(you can change this option) we are analyzing the Kumo shadow behind the current price. If Kumo shadow is present behind the price, trend strength will be weakened. Score: ±0.5
*Kumo(C) Future (Senkou A(A) and Senkou B(B)): A >= B = Bullish (↑). A < B = Bearish (↓). Score: ±0.5 Chiku(L) Analysis: Vertical and Horizontal Chiku analysis will tell us about the possible consolidation of the price. *Chiku Vertical: if the price consolidates for the next 5 bars(You can change this option) will it run into the price. Please remember we are placing the current price 26 bars ago and we are interested to see the current price in open space for a clear trend. Score: ±0.5
*Chikou Horizontal: If Chiku is in open space (Not running into the price), we want to review Chiku vertically i.e how much percentage of fall or rise of the current price can cause Chiku to run into the price. So, the maximum trend score is ±10.5.
Ichimoku signals: We know, that the crossover of Ichimoku indicators provides important signals. In this section, you can see all the crossover i.e when they happened (Bars ago)
Distance between price and Tenkan Sen and Kijun Sen: We know, the price come back to Tenkan/Kijun if it goes far away from Tenkan/Kijun. So it is important to note the distance between Tenkan and Price.
Please note that this indicator is not a strategy or buy/sell signal. It just shows you the picture of Ichimoku in multiple timeframes. I am working on some strategies of Ichimoku and will publish the same when my research is complete.
If you want to analyze Ichimoku in a single timeframe, please review the following indicator. tradingview.com/script/QB0wi5YI-ICHIMOKU-Trading-beta/ To maintain the table size you can use the shorthand notation from the setting. Table with detailed analysis: Table with shorthand notation: Please comment if you want any clarification or found any bugs to report.
hi please update the status of your research on this ichimoku indicator
wojteklmz
⋅
Good stuff. Thx
fredred10
⋅
This is brilliant. Thank you for your work. It would be great if you could use this table to screen multiple forex pairs at once. In an ideal world you would be able to choose to just include the signal analysis score, and whatever other options you are particularly interested in, for example current price and Kumo. Ichimoku is such an interesting indicator. Thank you again for your work. I was going to try and do something similar, but it would not have been to such a high standard! I will try and work on a table to screen multiple pairs, and share it back to you if I do. I don't know if my coding is up to it though.
tanayroy
⋅
@fredred10, Thanks, your idea is wonderful, please share back me your work.
Yogesh95
⋅
The up/down arrow keeps changing for current price and Ichimoku in the table when I change the chart timeframes (from lower to higher i.e above 1 hr). I think the arrows must be constant for the table as per the resolution selected, irrespective of changing the timeframes on the chart. But those keep changing. The table created is awesome, if you can solve the problem it would be great. Thank you
al.wikah
⋅
Hello, Best of the Best !
Forexadure
⋅
I have a problem to visualize all the data of your indicator on my chart, I do not see the lower part of your table and impossible to go down. Is there a manipulation to be done? Is there a manipulation to be done? Thank you!
tanayroy
⋅
@Forexadure, "Use Shorthand Notations" from settings to lower the table size.
Forexadure
⋅
@tanayroy, Thanks but there is a another problem, some figures P-T, P-K, LV are unreadable, not to mention that it is less understandable with shortcuts.