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Creator: Cory Mitchell
Default period: 26
The Chikou Span indicator plots a single line on the chart.
There is a green line representing the Chikou Span. It is one of the components of the Ichimoku Kinko Hyo indicator.
The purpose of this indicator is to identify changes in trends and to determine the momentum of a stock. If the Chikou span is above price, the stock is considered bearish. On the other hand, if the Chikou span is below price, the stock is considered bullish.
The indicator table value in TradePoint & RZone also provides you with a list of all values of this indicator for any group of stocks. This will allow you to compare the readings of this indicator across different stocks.
This indicator is also available in the System Builder of RZone & TradePoint for all charting methods. Using the system builder, you can develop various strategies based on the different conditions already present in this indicator. Additionally, it can be used with other indicators or price patterns to develop effective trading strategies. For any group of stocks and market segments, you can scan and backtest stocks based on those strategies.
The indicator is applicable to all types of charting. Calculated based on the number of columns on P&F charts, bricks on Renko charts, lines on Line-break charts, candles on Heikin ashi charts, and lines on Kagi charts. While the formula and reading of the indicators remain the same, they become more dynamic on these charts.