Ichimoku (ICH)

The Ichimoku (ICH) is a technical analysis indicator that provides a complete picture of the market setup. It is used to monitor the market momentum, define the support and resistance levels, and detect price trend: the direction and strength. The indicator consists of the following plots:

• TenkanSen (conversion or turning line) - trend indicator, the most sensitive 9-period moving average of the Ichimoku lines.
• KijunSen (baseline) - trend indicator, a 26-period moving average.
• ChikouSpan (lagging line) - moving average of the TenkanSen and KijunSen indicators.
• SenkouSpanA (leading line A) - 52-period moving average.
• SenkouSpanB (leading line B) - close price plotted 26 periods back.

The KijunSen and TenkanSen lines help identify the trend and its direction respectively: when the price is above KijunSen, prices will likely keep going up, and vice versa. A buy signal is generated when the ChikouSpan line crosses over the price, or when the TenkanSen crosses over the KijunSen. A sell signal is generated when the ChinkouSpan line crosses under the price, or when the TenkanSen crosses under the KijunSen. The price movement can be confirmed when both crosses occur. 

The SenkouSpanA and SenkouSpanB lines show expected trend behavior and can be used as support and resistance levels. The space between them is called Cloud, and is graphed in a hatched pattern.

TenkanSen = (9-PH + 9-PL) / 2
KijunSen = (26-PH + 26-PL) / 2
ChikouSpan = Close plotted 26 periods in the past
SenkouSpanA = (CL + Base Line) / 2
SenkouSpanB = (52-PH + 52-PL) / 2

where:
PH – Period high
PL – Period low
CL – Conversion line

Ichimoku

INPUTS

PLOTS

The plot renders the data you are working with on the chart. You can show/hide a plot by clicking the corresponding item in the settings. Every plot has a set of basic settings that you can change: color, weight, and type.

Color
Click the color rectangle under the plot's name to open the palette. Use the slider at the bottom to set the opacity of the color. Palette To create a custom color: Clickto open the color picker By using the slider at the bottom, adjust the main color Then, set a shade for the main color on the palette The custom-created colors are added to your palette. To remove a custom color, drag it out of the palette.
Weight
Change the value (in px) to adjust the thickness of the plot.
Type
The following plot types are available: Linear. The plot is displayed as a line. Column. The plot is displayed as a histogram. Difference. The plot is displayed as a line which represents the difference between High and Low prices of the bar. Points. The plot is displayed as points. Text above candle. The plot is displayed as the price labels above candles on the chart. Text below candle. The plot is displayed as the price labels below candles on the chart. Triangle above candle. The plot is displayed as triangles above candles on the chart. Color candle. The candles on candle-type charts are highlighted with specified colors.

OVERLAYING

Check Overlaying to display the indicator on the chart. Otherwise, the indicator is shown in a study pane down below.