OPEN-SOURCE SCRIPT
Ichimoku Variations
The Ichimoku cloud is traditionally constructed from the highest high and lowest low for a number of periods. This script allows for it to be transformed and calculated like more traditional moving averages (e.g. simple moving average, exponential moving average). Since the Ichimoku is normally a system of moving average-like lines, maybe someone out there will learn something from being able to switch to sma, ema, etc etc.
In general, I think no TA indicator is a magic bullet, and you should just use what you like!
Credit: This script utilizes the "Color Gradient Framework" tutorial by LucF (PineCoders) to create gradient visuals, which are also customizable for the user.
Recommended modes:
Not Recommended (These moving averages are too fast, and probably will require adjusting settings to something like the 20-60-120-30 to make more sense):
In general, I think no TA indicator is a magic bullet, and you should just use what you like!
Credit: This script utilizes the "Color Gradient Framework" tutorial by LucF (PineCoders) to create gradient visuals, which are also customizable for the user.
Recommended modes:
- default
- SMA
- EMA
- SMMA
- WMA
- VWMA
- Tillson T3
Not Recommended (These moving averages are too fast, and probably will require adjusting settings to something like the 20-60-120-30 to make more sense):
- HMA
- EHMA
- TEMA
- ALMA
- LSMA
Open-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
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