Suggested usage: In a trending market, to understand when it is good to enter short (red line) and when to enter long (blue line).
Technical Analysis: The original idea was taken from Larry Williams: an uptrend is identified when the price is above an 18-period simple moving average ( SMA ) and when at least two candles do not touch the simple moving average with their lows. The opposite is true for a downtrend.
Corrado Rondelli has therefore reinterpreted with Ichimoku aka “ichimokized” replacing the 18-period Simple Moving Average with the 26-period Kijun – as per the original Ichimoku settings.
In order to make the indicator more flexible an Exponential Moving Average ( EMA ) has also been added.
The indicator plots the chosen line that becomes red when it is good to enter short and blue when it is good to enter long.
Configuration:
– Length: period to be used to calculate the line.
– Type: the line type that can be the Kijun (26-period) or SMA / EMA (18-period)
(description from the original author: TheSocialCryptoClub)
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//PRC_KijunTrend indicator | indicator //07.09.2022 //Nicolas @ www.prorealcode.com //Sharing ProRealTime knowledge //converted from pinescript // --- settings mylineperiods = 26 //Length mylinetype = 0 //0=Kijun, 1=SMA, 2=EMA // --- end of settings // default line is Kijun if mylinetype=0 then myline = KijunSen[9,mylineperiods,52] // or SMA elsif mylinetype=1 then myline = average[mylineperiods] // or EMA else myline = average[mylineperiods,1] endif // filter conditions long = low[1]>myline[1] and low[2]>myline[2] and low[3] <= myline[3] short = high[1]<myline[1] and high[2]<myline[2] and high[3]>= myline[3] // color the line if long then r=41 g=98 b=255 elsif short then r=255 g=0 b=0 endif // plot return myline coloured(r,g,b) style(line,2) as "Kijun Trend Indicator" |
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Nicolas,
buongiorno.
Grazie del cortese aiuto.
Buona giornata.
Carlo
Thanks Nicolas, it seems to work well on 1H TF on Dax. !!!