fykemang

Ichimoku with Correct Displacement

The default Ichimoku Cloud by TradingView is strange. The kumo is only displaced 25 periods forward, and the chikou is displaced 25 periods back. This is because TradingView had the correct value for displacement (26), but they decided to subtract this displacement by 1 when actually drawing the kumo and add 1 when drawing the chikou. This script fixes this and allows for easier customization of each line in the Ichimoku .
Release Notes: The TradingView default Ichimoku has the correct displacement, so I have changed mine to match. However, I believe my Ichimoku script is much better for people who use alerts since you can specify crosses between any line. Also, if you want to have different displacements for the kumo versus the chikou-span, this is the Ichimoku to use.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.

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Kommentarer

How do I configure the measurement tool in tradingview for Senkou Span A & Chikou Span for 25 / 26 periods in the future & past
+7 Svara
so are you meaning that the default calculation of Donchian Variable is not correct ?
+3 Svara
fykemang RickSimpson
@RickSimpson, Default calculation of Donchian is correct. I have corrected my script. However, my script is still better for people who use alerts or want more customizablility.
+1 Svara
As you might know, Ichimoku takes current forming candlestick as 1 (for example, Senko span A and B are shifted 26 candles to the future INCLUDING current forming candlestick (Or, you can also say that they are shifted 25 candles to the future without taking current forming candlestick). And the same applies to Chiko span, and calculation of Kijun sen and Tenkan sen. The reason is that back when Goichi Hosoda was born, we took current forming day or current forming year as 1, not 0 in Japan. So for example, newborn baby would be 1 year old, not 0 year old (but not any more in Japan). But often times major trading platform takes current forming candlestick as 0 and counts back and forth, creating incorrect displacement for Ichimoku Kinko Hyo. So far Tradingview default indicator is the only correct one
Svara
Link77 eouweneel
@eouweneel, Great explanation and information. Thank you for posting this.
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