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Creator: Goichi Hosoda
Tenken period: 9
Kinjun period: 26
Chikou period: 26
Senkou Span A: 52
Senkou Span B: 26
In the Ichimoku indicator, there are three lines plotted along with clouds.
1 – Green line represents Tenken
2 – Blue line represents Kinjun
3 – Red line represents Chikou
4 – Green cloud represents Span A
5 – Red cloud represents Span B
Ichimoku is a popular Japanese indicator.
A cloud is formed by Span A and Span B lines. A price above the Ichimoku cloud is bullish, and a price below the Ichimoku cloud is bearish.
If the Tenkan line is above the Kinjun line and the price is about the cloud, it is very bullish. It is highly bearish when the price is below the cloud and the tenken line is below the kinjun line.
Click here to learn more about the indicator.
The indicator can be found in the Indicator Digger section of TradePoint & RZone. There are ready conditions in tabular format that can be used to pick stocks based on the condition of this indicator on any charting technique.
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.