OPEN-SOURCE SCRIPT
Ichimoku Cloud Distance
Updated
An alternative way to look at the Ichimoku Cloud with various modes:
The background color is the color of the cloud.
- Distance to Center: the various lines of the Ichimoku system are displayed as the distance to the center of the cloud in percentage terms. 0 is the center of the cloud.
- Distance to Edge: lines are displayed as the distance to the closest edge of the cloud in percentage terms. values inside the cloud are displayed as 0.
- Hybrid: values outside of the cloud behave as the 'Distance to Edge' mode, values inside behave as 'Distance to Center' mode. The values outside the cloud are scaled by the supplied scale factor in order to make things more readable. Best value for this scale factor is chart/timeframe dependent. The interval from -1 to 1 is equivalent to the bottom and top of the cloud respectively; 0 is the center.
The background color is the color of the cloud.
Release Notes
- New and improved "timeframe-dependent" scaling method for hybrid mode and cloud thickness
- Added TK cross indicator
- Changed cloud thickness to display as a fill rather than a line
- Removed background color by default
Release Notes
updated script to plot future cloud thicknessOpen-source script
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 publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.