IchiMoku KinKo Hyo

[sneo 10]

IchiMoku KinKo Hyo - Goichi Hosoda 1968

 

Application in TradeStation

~ichimoku.ELD

Edited May 4, 2009 by Soultrader

[sneo 10]

realised I had a typo in the ELD. for those who downloaded it, the error is as follows.

instead of:

SenKouNi = ((Highest(High, SanBan) + Lowest(Low, SanBan))/2)[sanBan] ;

 

it should be:

SenKouNi = ((Highest(High, SanBan) + Lowest(Low, SanBan))/2)[NiBan] ;

 

see updated ELD attached (includes some adjustment on colors).

~ichimoku.ELD

Edited May 1, 2009 by sneo

[aaa 10]

Ichimoku Kinko Hyo Technical Indicator is predefined to characterize the market Trend, Support and Resistance Levels, and to generate signals of buying and selling. This indicator works best at weekly and daily charts.

 

When defining the dimension of parameters, four time intervals of different length are used. The values of individual lines composing this indicator are based on these intervals:

 

Tenkan-sen shows the average price value during the first time interval defined as the sum of maximum and minimum within this time, divided by two;

 

Kijun-sen shows the average price value during the second time interval;

 

Senkou Span A shows the middle of the distance between two previous lines shifted forwards by the value of the second time interval;

 

Senkou Span B shows the average price value during the third time interval shifted forwards by the value of the second time interval.

 

Chinkou Span shows the closing price of the current candle shifted backwards by the value of the second time interval. The distance between the Senkou lines is hatched with another color and called "cloud". If the price is between these lines, the market should be considered as non-trend, and then the cloud margins form the support and resistance levels.

 

If the price is above the cloud, its upper line forms the first support level, and the second line forms the second support level;

 

If the price is below cloud, the lower line forms the first resistance level, and the upper one forms the second level;

 

If the Chinkou Span line traverses the price chart in the bottom-up direction it is signal to buy. If the Chinkou Span line traverses the price chart in the top-down direction it is signal to sell.

 

Kijun-sen is used as an indicator of the market movement. If the price is higher than this indicator, the prices will probably continue to increase. When the price traverses this line the further trend changing is possible.

 

Another kind of using the Kijun-sen is giving signals. Signal to buy is generated when the Tenkan-sen line traverses the Kijun-sen in the bottom-up direction. Top-down direction is the signal to sell.

 

Tenkan-sen is used as an indicator of the market trend. If this line increases or decreases, the trend exists. When it goes horizontally, it means that the market has come into the channel.

[aaa 10]

For the 3 temporal variables, the indicator's author counsels to choose respectively the lengths of

9 days,

26 days

52 days.

 

At the time of this indicator's creation, there were 6 days of trading in one week.

 

These parameters corresponded therefore to

one week and half for the short-term analysis,

one month for the medium-term survey and

two months for the long term.

 

Today, the financial places are open 5 days per week.

 

To adjust, you can choose therefore the periods of

7 days,

22 days

44 days

 

As for other indicators, the parameters must be adjusted according to the periodicity of your diagram.

[aaa 10]

An indicator of tendency suit, efficient but very little known of the investors.

 

Ichimoku Kinko Hyo" has been developed by the Japanese journalist Goichi Hosoda, that wrote under the pseudonymous Ichimoku Sanjin, before World War II.

 

It appeared a few years ago to Japan

 

this indicator is excellent to predict the tendencies of the markets

 

The documentation on" Ichimoku Kinko Hyo" remains limited

[sneo 10]

printed source for ichimoku kinkou hyou (japanese):

1.一目均衡表の研究 ISBN 4925152009 (ichimoku kinkou hyou no kenkyuu, Study of Ichimoku Chart Equilibrum)

2.一目均衡表の基本から実践まで (よくわかる!シリーズ) ISBN 4775961047

Edited May 2, 2009 by sneo

[aaa 10]

1.一目均衡表の研究 ISBN 4925152009 (ichimoku kinkou hyou no kenkyuu, Study of Ichimoku Chart Equilibrum)

2.一目均衡表の基本から実践まで (よくわかる!シリーズ) ISBN 4775961047

 

I'm not sure that everybody read Japanese on this forum...

[minoo 11]

You may find this youtube channel useful

 

YouTube - IchimokuCharts's Channel

 

Enjoy Minoo

[Soultrader 12]

realised I had a typo in the ELD. for those who downloaded it, the error is as follows.

instead of:

SenKouNi = ((Highest(High, SanBan) + Lowest(Low, SanBan))/2)[sanBan] ;

 

it should be:

SenKouNi = ((Highest(High, SanBan) + Lowest(Low, SanBan))/2)[NiBan] ;

 

see updated ELD attached (includes some adjustment on colors).

 

Ive replaced the original file in the first post with this one. Thanks.

[daedalus 10]

Always wanted this for TS but only was able to find it for MT4. Thank you so much!

[sneo 10]

I'm not sure that everybody read Japanese on this forum...

 

I understand that. If most are not aware, the first book is written by a well known Ichimoku author Hidenobu Sasaki. Probably the leading book on the topic.

 

Haven't found a book on the topic in English that is decent enough. (well, there is only one English book to begin with).

[aaa 10]

Haven't found a book on the topic in English that is decent enough. (well, there is only one English book to begin with).

 

This is why I've posted personal information I had

 

Only 2 installs (one is mine ) for this excellent indicator...

 

I've been using it with an other software for a year

 

It is based on 4 lines, representing levels of middle prices, and takes in account 3 different time intervals. ( I don't use Chikou Line)

 

It can be like mobile averages, but it is a more complete and reactive indicator that these.

 

Every line reacts instantaneously to all change of interval, of fluctuation of the prices, on one period data.

 

It shows S/R

 

It also shows squeeze

 

What else ?

 

It is a Japanase swiss knife :haha:

[Fredd 10]

Hi Sneo,

 

Thanks for sharing the ichimoku indicator with us, I have been doing some reading about this indicator this week, and I wonder if you could change the settings of the "Cloud" to make them a leading Span. The Cloud isn't plotted into the future yet. Please correct me if I am wrong, but what I have read so far the Senkou Span A and the Senkou Span B - together they form the Cloud - should be plotted 26 days ahead of the last complete trading day.

Thanks in advance for changing these settings.

 

For people interested in this topic I suggest you do a search on Google with the words "Ichimoku Charts PDF". I also like the Ichimoku Discussion Forum: Forex, Stock, Commodities, Futures, Bonds site.

 

Cheers

Fredd

[sneo 10]

Hi Sneo,

 

Thanks for sharing the ichimoku indicator with us, I have been doing some reading about this indicator this week, and I wonder if you could change the settings of the "Cloud" to make them a leading Span. The Cloud isn't plotted into the future yet. Please correct me if I am wrong, but what I have read so far the Senkou Span A and the Senkou Span B - together they form the Cloud - should be plotted 26 days ahead of the last complete trading day.

Thanks in advance for changing these settings.

 

Yes, the span is plotted 26 days ahead. It is just that they dont appear after the current day. I have thought of the issue prior to posting.

 

The reason is:

The current eld uses TrendLines to plot the shading of the spans, and I have difficulties trying to shift forward the trendlines to shade the 26 days ahead (due to calendar weekends screwing up the shading). Would need someone more knowledgable to attempt to shade the span.

 

The solution:

I know the alternative is to not shade the span and just have SenKou Spans (as these are jus moving averages and is quite trivial to have them appear). But, I have difficulties visualising the cloud without the trendlines, so, I rather have the shade in place and gave up the forward "appearance".

 

If someone has an alternative of shading the cloud, I would greatly appreciate the assistance.

[Fredd 10]

Hi Sneo,

 

This is what a found related to the Cloud. Can you shade this Cloud?

 

Type: Indicator, Name: Ichimoku - Cloud 
Inputs:
Standard(26),
Turning(9),
Delayed(52);
Variables:
StdLine(0),
TurnLine(0),
Span1(0),
SPan2(0);
StdLine = (Highest(High, Standard) + 
Lowest(Low, Standard)) / 2;
TurnLine = (Highest(High, Turning) + 
Lowest(Low, Turning)) / 2;
Span1 = (StdLine + TurnLine) / 2;
Span2 = (Highest(High, Delayed) + Lowest(Low, Delayed)) / 2;

Plot1[-Standard](Span1, "Span1");
Plot2[-Standard](Span2, "Span2");

 

Hope it helps.

[Fredd 10]

And to be complete:

 

These are the lines:

 

Type: Indicator, Name: Ichimoku - Lines

Inputs:
Standard(26),
Turning(9),
DelayColor(Yellow),
ShowDelayLine(False); 

Variables:StdLine(0),
TurnLine(0),
DelayLine(0);

StdLine = (Highest(High, Standard) + 
Lowest(Low, Standard)) / 2;

TurnLine = (Highest(High, Turning) + 
Lowest(Low, Turning)) / 2;

DelayLine = Close[standard];
Plot1(StdLine, "Standard");
Plot2(TurnLine, "Turning");
If Close > DelayLine Then
SetPlotcolor(2, Blue)Else
SetPlotColor(2, DelayColor);

If ShowDelayLine Then
Plot3[standard](Close, "Delayed");

 

Chart style: Plot

 

Name Style Weight

Standard Line Thinnest

Turning Line Thinnest

Delayed Line Thinnest

 

Chart color: Plot

 

Name Color

Standard Red

Turning Blue

Delayed Magenta

 

Scaling: Same as symbol.

 

Cheers

Fredd

[sneo 10]

The code posted is the version of span using just lines. Their solution of plotting this with "High" "Low" to imitate the shading has a little problem. If plotting the 2 lines as "High" "Low", your OHLC chart as Bar Chart will appear erroreous. This solution means you can only apply "High" "Low" plot to your OHLC chart as Candle Charts.

 

As I prefer to have the liberty of switching from Bar to Candle and back without any weird appearance of my charts, I find this solution incomplete and hence, did not apply it to the posted eld.

 

You can still use the code posted, that will still be the solution of having the Spans as Lines rather than having the cloud shaded.

[Takysie 10]

Hello

 

I can not answer any questions about the Ichimoku indicator, but here is a site that has some good info,

Main Page - IchiWiki - The Definitive Reference to the Ichimoku Kinko Hyo Charting System

 

Successful trading!

[aaa 10]

ThanX Takysie for this very interesting site

[Fredd 10]

After some months of browsing the web for a correct working ichimoku indicator for TS I still haven't found it. The problem of the Ichi indicator in this thread is the plotting of the cloud, it cannot be shifted forward as it should be. This is because of the way it paints the cloud with trendlines. According to Sneo the forward shifting of the cloud creates problems when switching views from candles to bars in the charts. The combination of a painted cloud and forwarded shifted seems to be impossible the way this indicator is programmed.

Thanks in advance. Fredd

[Moyyim 10]

This is the ichi indicator I have....not sure if its any good..the same as yours and/or with the same problems.

 

 

Input:Tenkan(9),Kijun(26),Chikou(26),SenkouA(26),SenkouB(52);

Var:TS(0),KS(0),CS(0),SA(0),SB(0);

 

Value1 = Highest(H,Tenkan);

Value2 = Lowest(L,Tenkan);

 

TS = ( Value1 + Value2 ) /2;

 

Value3 = Highest ( H, Kijun);

Value4 = Lowest (L, Kijun);

 

KS = ( Value3 + Value4 ) / 2;

 

SA = ( TS + KS ) / 2;

 

Value5 = Highest( H , SenkouB);

Value6 = Lowest ( L , SenkouB);

 

SB = (Value5 + Value6) / 2;

 

 

Plot1(TS,"TS");

Plot2(KS,"KS");

Plot3[Chikou](C,"CS");

Plot4[-SenkouA](SA,"SA");

Plot5[-SenkouB/2](SB,"SB");

Plot6[-SenkouA](SA,"SAC");

Plot7[-SenkouB/2](SB,"SBC");

 

if SA > SB then

begin

SetPlotColor[-SenkouA]( 6, darkgreen ) ;

SetPlotColor[-SenkouB/2]( 7, darkgreen ) ;

end

else

begin

SetPlotColor[-SenkouA]( 6, darkmagenta ) ;

SetPlotColor[-SenkouB/2]( 7, darkmagenta ) ;

end ;

[Fredd 10]

Hi Moyyim,

 

Thanks for sharing this code with us. Your indicator is constructed differently, and probably this code can solve the problem of the other ichimoku indicator. Using your code I couldn't get the cloud be painted, but this is probably due to a specific line formatting. By default all lines are set as normal lines, but I think the cloud must be set differently. Could you tell me how the SAB and the SBC lines are formatted as in your own picture showing the indicator? Thanks again Moyyim.

 

I have included your indicator in ELD format for our TS and MC friends.

 

Fredd

ICHIMOKU.ELD

[Moyyim 10]

Fredd

 

The format I have is:

 

Style

SAC - Bar High - dashed line - lowest weight

SBC - Bar Low - dashed line - lowest weight

 

 

Scaling

Same axis as underlying data

 

 

Format Window

Space to right 30 bars

 

Incidentally, I just switched a chart from bar > candle and the cloud isnt right, so doesn't look as if this indi will solve your problem of being able to switch between chart types?....sorry.

 

Cheers

[Fredd 10]

May I ask one of our EL gifted TL members a bit of his or her precious time to help us solving this problem? It seems close to impossible having the combination of candlesticks and a painted cloud forward shifted in time in the ichimoku indicators here in this thread. I understand I am asking a lot of you to solve this problem and I understand if you cannot spend time on this, but maybe .... I have attached a picture of it to help you: candles and a forward shifted painted cloud.

 

Thank you in advance.

Fredd

[soulman 10]

how do I add the Kumo 26 periods into the future?