Multiple Time Frame Version of Ichimoku Kinko Hyo Indicator.
Created in 1940's by Goichi Hosoda withe the help of University students in Japan. Ichimoku is one of the best trend following indicators that works nearly perfect in all markets and time frames.
Ichimoku is originally an built in indicator in Tradingview but there are some problems like: the indicator hast 5 lines but you can change only 4 parameters in the settings menu of Tradingview Charts which you could only control 3 of the lines effectively. A second problem is that Tradingview preferred to use English titles for the ICHIMOKU lines instead of giving them the most common original Japanese ones. (So I rewrite the indicator)
Kijun Sen (blue line): Also called standard line or base line, this is calculated by averaging the highest high and the lowest low for the past 26 periods.
Tenkan Sen (red line): This is also known as the turning line and is derived by averaging the highest high and the lowest low for the past nine periods.
Chikou Span (Plum line): This is called the lagging line. It is today’s closing price plotted 26 periods behind.
Senkou SpanA (green line): The first Senkou line is calculated by averaging the Tenkan Sen and the Kijun Sen and plotted 26 periods ahead.
Senkou SpanB (purple line): The second Senkou line is determined by averaging the highest high and the lowest low for the past 52 periods and plotted 26 periods ahead.
PERSONALLY I ADVISE YOU TO USE ICHIMOKU WITH DEAFULT LENGTHS (9,26,26,52,26) IN ORDER FOR STOCK MARKETS AND FOREX MARKETS
FOR CRYPTO YOU'D BETTER USE: 10,30,30,60,30 OR 20,60,60,120,60 THE TRICKY THING IS THAT KEEPING THE 1-3-3-6-3 RATIO CONSTANT IS NECESSARY
The error in this script is a failure to offset the higher timeframe kumo cloud with a higher timeframe offset. The default offset here is of the lower timeframe, so you end up with the giant kumo cloud only offset by 26 of your small timeframe bars, not 26 of the higher timeframe bars. This is a huge error. You can see in the code here the higher timeframe line is offset by the lower timeframe amount, instead of the offset being similarly scaled up:
@visibleOrange74156, I don't know if it's ever gonna be fixed, maybe the developer is not on tradingview anymore :(
I found another one (from anthonyf50) in which the calculations are correct (tested on multiple charts with Daily cloud on H1 timeframe, corresponds perfectly) but it's way too slow to be usable (you have to zoom out and wait for it to make its calculations before being able to see the cloud entirely).
I do hope any of the MTF indicators will be fixed, as projecting higher TF information is extremely valuable !
FX365_Thailand
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When I select 4 hour timeframe at input parameter and open 1 hour chart, the cloud I see on 1 hour chart is different from the actual cloud on 4 hour chart. Not sure this is the way the script is designed...
julienattard_newcal
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@FX365_Thailand, I was about to post a comment about this, but I see many people have already done so and it's still not patched up.
shahprince430986
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No 1 thsvbtyhgg hhffyy bvghfdfhbvhhh bhhgvv
thisismodernity
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Isn't it weird, the script has an input for SAlength (LeadLineB Length), but doesn't use that number anywhere in the calculations.
mahmut005
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kıvanç abi bırakmışsın bı kac gun sonra btc çökmüş :D
Party_Guy
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@KivancOzbilgic is really one-of-a-kind. Would like to thank to him not only sharing his deep knowledge but also feeling the responsibility of re-correction of indicators and re-writing them in a correct form.
axylrose
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How do I configure Measurement Tool for Senkou Span A 25 or 26 periods or measure Chikou Span
SenkouA=plot(SAk, offset=CSHSlength