Ichimoku Variations
The Ichimoku cloud is traditionally constructed from the highest high and lowest low for a number of periods. This script allows for it to be transformed and calculated like more traditional moving averages (e.g. simple moving average, exponential moving average). Since the Ichimoku is normally a system of moving average-like lines, maybe someone out there will learn something from being able to switch to sma, ema, etc etc.
In general, I think no TA indicator is a magic bullet, and you should just use what you like!
Credit: This script utilizes the "Color Gradient Framework" tutorial by LucF (PineCoders) to create gradient visuals, which are also customizable for the user.
Recommended modes:
Not Recommended (These moving averages are too fast, and probably will require adjusting settings to something like the 20-60-120-30 to make more sense):
In general, I think no TA indicator is a magic bullet, and you should just use what you like!
Credit: This script utilizes the "Color Gradient Framework" tutorial by LucF (PineCoders) to create gradient visuals, which are also customizable for the user.
Recommended modes:
- default
- SMA
- EMA
- SMMA
- WMA
- VWMA
- Tillson T3
Not Recommended (These moving averages are too fast, and probably will require adjusting settings to something like the 20-60-120-30 to make more sense):
- HMA
- EHMA
- TEMA
- ALMA
- LSMA