Ichimoku Alerts is an indicator born from the Ichimoku Cloud .
The Ichimoku Cloud is a collection of technical indicators that show support and resistance levels, as well as momentum and trend direction. It does this by taking multiple averages and plotting them on the chart. It also uses these figures to compute a cloud which attempts to forecast where the price may find support or resistance in the future.
We have combined several key elements of the Ichimoku Cloud to produce our unique Ichimoku Alerts indicator.
There is also a strategy version so you can backtest results if you so wish to, which I will also share on TradingView.
This indicator can be automated and adapted to fit other timeframes (I've managed to create a nice bot on the 5M timeframe with specific Ichimoku settings).
The Indicator will also print exit signals when the conversion line (blue line in the image) crossed the base line (white line in the image).
If these blue and white lines were to cross again while all other conditions of this indicator are still being met, it will fire a secondary long/short signal. The image above provides a perfect example of a primary short signal, followed by an exit signal, followed by a secondary short signal. In this instance, both signals were winning trades.
Settings within the study contain exactly the same settings you'd find in the standard Ichimoku cloud ...
- Recommended settings for Crypto are 20-60-120-30
When framing a trade after receiving a signal, you should....
- place your stop loss a the lowest cloud line (for longs) or the highest cloud line (for shorts). See image above for a short example
- Your Take profit target is yours to decide, but taking proper risk management is key, and I would advise to aim for a risk/reward ratio of 1:1.5
Hopefully I have covered the basics of this indicator. It's simple yet very effective at providing signals of changes in trend, and with the added bonus of being able to alert those changes, means you don't have to check multiple charts every hour or so!
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Bug fixed where buy signal alerted below the cloud lines.
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Bug fixed where alerts weren't printing properly.
Also to give credit to the coder who wrote the script @badshah_e_alam
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Updated script to only provide an alert on the first instance of parameters being met. This is due to secondary signals being weaker and not as reliable as the initial signal.