An alternative way to look at the Ichimoku Cloud with various modes:
The background color is the color of the cloud.
- Distance to Center: the various lines of the Ichimoku system are displayed as the distance to the center of the cloud in percentage terms. 0 is the center of the cloud.
- Distance to Edge: lines are displayed as the distance to the closest edge of the cloud in percentage terms. values inside the cloud are displayed as 0.
- Hybrid: values outside of the cloud behave as the 'Distance to Edge' mode, values inside behave as 'Distance to Center' mode. The values outside the cloud are scaled by the supplied scale factor in order to make things more readable. Best value for this scale factor is chart/timeframe dependent. The interval from -1 to 1 is equivalent to the bottom and top of the cloud respectively; 0 is the center.
The background color is the color of the cloud.
Versionsinformation:
- New and improved "timeframe-dependent" scaling method for hybrid mode and cloud thickness
- Added TK cross indicator
- Changed cloud thickness to display as a fill rather than a line
- Removed background color by default
Versionsinformation:
updated script to plot future cloud thickness