Ichimoku + 2 base lines

12. März 2021

Ichimoku + 2 base line
This indicator is a combination of Ichimoku cloud indicator with two base lines.
The first base line is the same as the Ichimoku default settings but the baseline 2 indicates an average of 108 candles in the past and it acts as a strong support and resistance level.
How to use this indicator?

• You can use this indicator to see if a break out is true or is a false break. For example if the price broke up the Ichimoku cloud and base line 2 is above the price, it will probably react to that area but if it's below the price, it is a good opportunity to buy. (for sell/short position it is in the opposite way the base line 2 should be above the price)
  
• If you want to trade in support zones base line 2 (108) is a very good area that you can wait for a good candlestick pattern to enter a position.
  

Caution: before using this indicator please back test it and if the results were good enough, use it as a confirmation.

22. März 2021

Versionshinweise

Japanese names added to the indicator