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Enhanced Ichimoku Indicator Script - Community Project Icon

Enhanced Ichimoku Indicator Script

  • enhanced ichimoku indicator haasscript

    Download Enhanced Ichimoku Indicator

    Archived from forum user samwere

    As I really like the Ichimoku trading strategies which I'm using in manual trading and also had some nice results with the Haasbot native Ichimoku Indicator, I built my own indicator script to set up some advanced strategies, getting stronger and less false trading signals. In my live tests over the last few weeks I got some decent results without any further indicators, insurances or safeties (better use a stop loss if you have something to lose).

    The indicator is working at best in longer time frames (I'm using it mostly on 1h - 4h charts) as trend following indicator. Ichimoku is not really effective on sideways trends, the script has built in some trend confirmations tough.

    Also we have some settings to configure to needed signal strength (possible settings: weak, neutral, strong) to trigger a trade.

    Rules for buy signals

    Weak Signal Strength Setting

    Tenkan/Kijun Cross. Like in the HTS Ichimoku indicator the conversion line is crossing over the baseline

    Neutral Signal Strength

    Tenkan/Kijun Cross inside or above the Kumo. Both Lines must be inside or above the Kumo (the cloud).

    Strong Signal Strength

    Tenkan/Kijun Cross above the Kumo. Both Lines must be above the Kumo.

    Additionally for all buy signals following conditions must compete as trend confirmation:

    1. Chikou (the lagging span) must be over the close price. Ignore the last straight end. It's only displayed because we can't hide it.
    2. The close price must be higher than Kijun-Sen (the baseline)
    3. The close price must be above the Kumo (cloud breakout)

    Rules for sell signals

    Weak Signal Strength Setting

    Tenkan/Kijun Cross. Tenkan (the conversion line is crossing below Kijun (the baseline)

    Neutral Signal Strength

    Tenkan/Kijun Cross inside or below the Kumo.

    Strong Signal Strength

    Tenkan/Kijun Cross below the Kumo.

    Additionally for all buy signals following conditions must compete as trend confirmation:

    1. Chikou (the lagging span) must be below the close price
    2. The close price must be below Kijun-Sen (the baseline)

    Color Legend

    • Blue: Tenkan-Sen, Conversion Line
    • Red: Kijun-Sen, Base Line
    • Green: Chikou
    • Light green: LeadSpan A, one side of the Kumo (the Cloud)
    • Pink: LeadSpan B, the other side of the kumo

    It's a bit hard to read, as we can’t fill the cloud area with color but over the time you get a feeling for the lines.

    With the signal strengths and trend confirmations we often get late but stronger signals and way less false signals because of fake breakouts and stuff like that. Best results I'm getting with neutral settings on both sides. But just test and configure for your own taste.

    Please be informed that this script is developed for my own use and may be full of bugs. I can’t take any responsibility or guarantee for possible losses. So use carefully at your own risk and test extensively!

    Many thanks to our script god Pshai! With his help the predecessor of this script was born a few months ago.

    Changelog

    • V1.3. - Fixed a bug in the chikou span signal calculation. Backtests should be more realistic and hopefully no more repainting should happen.

     

    • haasscripts
    • indicator script
    2054
    posted 7 months ago
    submitted by Anonymous

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