World_of_Indicators

Trendlines Breaks with SuperIchi Cloud

Hello Guyz,
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This indicator is a modification of the popular Ichimoku indicator using the equally popular Supertrend indicator as its core, thus no longer entirely relying on calculations done over a fixed window size but instead relying on the average true range and the trend detection method offered by the Supertrend.

The original Ichimoku indicator is constructed from the average between the rolling maximum high and minimum low values. The Supertrend indicator also relies on one upper/lower extremity but using the average of these extremities for the modification of the Ichimoku indicator might not provide easy to use results due to the nature of these extremities.

Instead, we compute the average between the Supertrend and trailing maximums/minimums with a value reset when a new trend is detected by the Supertrend. This allows obtaining a result that is closer to the original average used by Ichimoku .

Also, There is trendline break which confirms about the signals either to buy or sell. Trendline slope is adjustable in setting. Commonly used is 10,14,20,34.

Settings

Tenkan: Atr length (left) and factor (right) used for the Supertrend involved in the calculations of the Tenkan Ichimoku component
Kijun: Atr length (left) and factor (right) used for the Supertrend involved in the calculations of the Kijun Ichimoku component
Senkou Span B: Atr length (left) and factor (right) used for the Supertrend involved in the calculations of the second Senkou Span Ichimoku component
Displacement: Bar offset of the cloud (positive offset) and Chikou (negative offset)
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Note:-
For Swing Trading- Increase Span B factor (like 4,5,6,7) to get Longer Term Trade.
For Scalp Trading- Decrease Span B factor (like 7,6,5,4) to get quicker Trends.
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Usage :-
Buy:
- When above ichimoku cloud and there is Blue Dot (Crossover for uptrend) and trendline break signal (B) reflected.

Sell:
- When below ichimoku cloud and there is Orange Dot (Crossover for Downtrend) and trendline break signal (B) reflected.

No Trade:
- When candels inside superichi cloud.




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