Introduction to these Indicators:
I am into day trading and mainly use tick charts. I also like to compare 2-3 'timeframes' and usually set them up thusly:
ST = 45 tick
Main = 90 tick
LT = 270 tick.
These change based on the market being followed but the main idea is that the LT is 3* the Main Chart and the ST is half and I use it to help with entries and exits in certain types of conditions, basically cutting the Main bars in half.
It is for this type of setup that I began to work with re-coding the Ichis. Principally, I started off with adding a 3rd Ichi to the default 2 (hence the name 'Ichi3'). This third Ichi corresponded to the LT Median (Kijun) in the 270 LT chart. To be clearer:
90 Tick 'Main' Chart
Tenkan (FastPeriod) = 9
Kijun (MediumPeriod) = 27
Kijun2 (SlowPeriod) = 81
270 Tick 'LT' Chart
Tenkan (FastPeriod) = 9 ( = 27 on the Main 90 Tick chart)
Kijun (MediumPeriod) = 27 ( = 81 on the Main 90 Tick chart)
Kijun2 (SlowPeriod) = 81
In this way, on the 90 chart the Kijun and Kijun 2 have the same values as the Tenkan and Kijun on the 270 chart.
Now there is a further wrinkle: the default Cloud values for an Ichi Chart use a slower Slow Period which is double the Kijun, i.e. 54 on the 90 Tick Main Chart. This I have not changed.
So on the Main Chart we have the Tenkan (9), Kijun (27), Kijun2 (81) and the Clouds are basis Kijun*2 = 54.
One thing I have noticed tracking this setup is that the K2 often tracks the Senkou Span B (slow Cloud line) exactly, often for many bars at a time, but then it moves away and the direction in which it moves provides yet another trend indicator - longer term. It is slow, but it is rarely whipsawed like the shorter term ones can be.
I have also added in another new line which I call the 'Equi', for 'Equilibrium'. This is the average of the 3 Lines and it is helpful because sometimes the three lines are regularly spaced, but sometimes they are 'conflicted' or 'unbalanced'. For example, in a strong trend they tend pretty quickly to become 'lined up' as in (bull example): K2 is at the bottom, then the K, and then the T on top, sort of equidistant from each other.
But sometimes you get a Tenkan over Kijun (T-K) bull cross, but the K2 is way above them (conflicted market). And sometimes you get a Tenkan way up there after a recent rapid move the past few minutes but the K and K2 are quite a ways below indicating the market has got ahead of itself. The Equi shows the relative mid-point of all three. Very simple but helpful.
I have also used this Equi as the basis for an RSI indicator showing OS and OB within the context of the trend as defined by the Ichis, not the price alone.
In addition, I have added to the standard Donchian Indicator which shows the Donchian Channel Highs and Lows with the median (a median is the same as an Ichi line) by mixing in an ATR-derived calculation that determines when the range is narrow enough to be called a Trading Range and it Back Colors accordingly. It is not always correct, like anything, but it is often quite quick to identify a Trading Range, after which a break out, especially one in the direction of the LT Ichi Trend, can often yield dependably favorable action.
In addition, you can put on the LT clouds by inputting the correct values so on the Main Chart alone you can see the basic two Ichis, plus the LT Kijun, the basic Clouds, plus the LT clouds.
I would like to share these indicators even though I am not a proficient Ninja coder because I got these from the Ninja forum and would like to give something back, little as it is.
I will soon post one at a time with a picture and a brief explanation, although if you find them of interest and read through the code and look at the charts they should be fairly self-explanatory like most simple indicators.
The Ichis are unusual in that, based on simple Median prices alone, and with a simple yet sophisticated way of comparing present action to the past (the Chikou line) and also with the future (displaced Senkou 'Cloud' formations, you get an ongoing picture of support, resistance and trend.
So first, the basic Ichi3Line Indicator along with what I call 'Cloud2' because I have added the Senkou Cross as both an audible and visual alert plotted at the price it occurs on the current bar even though it is projected out the Kijun Period distance (27 bars) into the future. In live trading you often won't have the chart adjusted to see this happening, so the alert is helpful. That is the only change I made to the one on the forum.
In addition to the general features mentioned above, the Ichi3 Indicator also has various bells and whistles, many of them no doubt coded in a somewhat beginner-like fashion, but they work and I have been using them for a few months now without any problem.
Features include:
Drawing a diamond on the close and also a line back to the Chikou Span Cross point when it occurs. This happens when the Chikou line (which represents the price 27 bars ago and is plotted on the screen 27 bars back) crosses through the current price. Sometimes it's hard to see when it's doing that (not so much in live training but in historical review), so this helps. I think there is also a sound.
I have arrows showing when there is a cross of the Tenkan over/under the Kijun.
There are back colors for various types of trend - simple cross over of T and K, or when all 3 lines are 'lined up'.
There are 'Pullback' Triangles which indicate when a short term counter trend move has happened for several bars in a row indicating a return to the trend might soon occur. There are some small filters involved with this which are easy to understand in the code hopefully but I can explain more if anyone is interested or has questions. (Same for all of the above of course).
There are also 'Rubber Band' triangles which show when the market has gone zooming up or down far enough away from the Kijun basis the current ATR (volatility) to trigger them. They often give an indication when things are due for a pause.
There is also a K2-SenkouB cross which is when the LT Kijun crosses over the SenkouB (LT Cloud) line.
Some of my bells and whistles you won't like or find helpful. I believe they are all turnable-offable. But some simply take the basic Ichi methods and make them more clearly displayed, in particular the Cloud (Senkou) Span cross, the Chikou Span cross.
Further indiators to come that complement this:
Donchians with the Trading Range component;
Equi-based RSI indicator
RPM - Range per Minute indicator helpful for Tick-Chart traders.
In all cases where there are sound files, you are probably going to have to manually type in your own preferred sounds. I have made several indicating trends and if people request it I can also post them here, things like '45 bull' and '45 bear' etc.
Any comments, feedback, suggestions for improvement, more elegant coding solutions etc. are most welcome.
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