This is another version of the Ichimoku Clouds indicator where I have added logic to evaluate the current chart as either Bullish, Bearish, or Mixed, depending on 4 factors:
1. Is the price above/below the cloud? 2. Is the conversion line above/below the base line? 3. Is the lagging span above/below the cloud? 4. Is the rightmost cloud green/red?
If all conditions point the same direction, then the chart will be labelled "Bullish" or "Bearish". Otherwise it will be labelled "Mixed".
Phát hành các Ghi chú
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Main new feature is labelling on a finer spectrum: labels can now not only be "Bullish", "Bearish", or "Mixed", they can now be "Fully" bullish/bearish or have bullish/bearish "Lean".
Also took the opportunity to reorganize the code and refactor for clarity and conciseness, as well as update the comments to be more helpful and informative.
based on the above strategy is there a specific target or just the next resistance in case of going up for example.
ragnarok628
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@fbamakrait, There's no particular strategy that this indicator is really designed to facilitate. One could use "bullish" as a buy signal and any downgrade as a sell signal, or as you said you could just long bullish targeting some resistance you've identified, or short bearish targeting some support you've identified.
Typically the way I've been using ichimoku clouds in my trading is looking for a nice bounce once the chart enters 'fully bullish' mode. My other script identifies these points, if you haven't checked that out. I buy on the signal with a stop in place. If/when the bounce comes in, I throw a trailing stop on it; otherwise after 5 or so sessions if it hasn't popped or stopped out, i give up on it. This indicator doesn't really help with that, but I just put it out there in case someone else finds it useful.
fbamakrait
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good explanations thank u.
AYM2020
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Thank You.
ragnarok628
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@AYM2020, most welcome! Just updated in case you'd like to catch the latest.