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__________________________________________________________________________________________
Manesh Patel
+16468639620
TradestationIchimoku Indicator
Disclaimer
Commodity Futures Trading Commission, Forex, Futures, Equity and options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Do not trade with money you can not afford to lose. This is neither a solicitation nor an offer to Buy/Sell. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this document. The past performance of any trading system or methodology is not necessarily indicative of future results.
This is for educational use only. All materials and information is owned by E.I.I. Capital Group. The material and information can not be copied and/or distributed to anyone without the permission of E.I.I. Capital. Ichimokutrade is an affiliate of E.I.I. Capital Group.
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Contents1. Back Ground............................................................................................................................- 5 -
2. Input Values............................................................................................................................- 5 -
2. Radar Screen...........................................................................................................................- 9 -
3. Chart..................................................................................................................................... - 10 -
4. Workspace............................................................................................................................- 14 -
6. Ichimoku E-Book...................................................................................................................- 15 -
6. Contact Details......................................................................................................................- 15 -
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1. Back GroundIchimoku Kinko Hyo is a purpose-built trend trading charting system that has been successfully used in nearly every tradeable market. It is unique in many ways, but its primary strength is its use of multiple data points to give the trader a deeper, more comprehensive view into price action. This deeper view, and the fact that Ichimoku is a very visual system, enables the trader to quickly discern and filter "at a glance" the low-probability trading setups from those of higher probability.
The indicator can be used either for Charting and/or Radarscreen. Both will be described below.
2. Input Values
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Figure 1: Input Screen
Here is a breakdown of each items and description:
Type Description Value
Tenkan_Sen_Length Value of the Tenkan Sen Indicator 9
Kijun_Sen_Length Value of the Kijun Sen Indicator 26
Senkou_SpanB_Length Value of the Senkou Span B indicator 52
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Senkou_Span_Offset Offset of the Cloud. 26
Show_Chikou_Span Display the Momentum Indicator. True indicates show the value whereas False indicates don’t display the value
True
Chikou_Offset How bar in the past to display the Chikou Span Indicator
26
CountCurrentBarinOffset Count the current bar in the formulas. true
Kinjun Color Color of the Kijun Sen Indicator green
Tenkan Color Color of the Tenkan Sen Indicator red
Chikou_Color Color of the Chikou Span Indicator cyan
Up_Cloud_Color The color of the cloud to indicate Bullish. Yellow
Down_Cloud_Color The color of the cloud to indicate Bullish. red
Skacolor Color for the Senkou Span A indicator White
skbcolor Color for the Senkou Span A indicator Yellow
Radar Screen Only
BackGround_Bull_Color Background Color of Radar Screen cell for Bullish DarkBlue
BackGround_NewBull_Color Background Color of Radar Screen cell for Bullish that is occurring now.
Blue
BackGround_Bear_Color Background Color of Radar Screen cell for Bearish DarkRed
BackGround_NewBear_Color Background Color of Radar Screen cell for Bearish that is occurring now.
Red
BackGround_Neutral_Color Background Color of Radar Screen cell for Bullish DarkGray
The Ichimoku indicator is a unique indicator that requires a specific number of bar history in order to work. As a result, the General Tab for the Indicator needs to be altered from the default settings. Normally, the “Load additional data for accumulative calculations” is not checked. In order to have the Ichimoku formulas correct, this value must be filled. The minimum value needs to be 200.
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Figure 2: General Tab
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2. Radar Screen
Figure 2: Radar Screen Layout
Here is a breakdown of each items and description:
Type Description Value
Tenkan Tenkan provides the Support/Resistance for 9 bars Numerical Value
Kijun Tenkan provides the Support/Resistance for 26 bars Numerical Value
Chikou Current value of the Chikou Span which is the current closing price.
Numerical Value
SenkouSpan_A Value of the Senkou Span A at CURRENT PRICE. Numerical Value
SenkouSpan_B Value of the Senkou Span B at CURRENT PRICE. Numerical Value
A_Cloud Value of the Senkou Span A in the future. Numerical Value
B_Cloud Value of the Senkou Span A in the future. Numerical Value
Sentiment Looks at the location of price in terms of the cloud. If price is above the cloud, the sentiment is Bullish. If price is below the Cloud, the sentiment is bearish. When the Value as “New” in the value, it indicates it just happened.
New Bull
Bull
New Bear
Bear
Momentum Determines the momentum of the trend. When the Value as “New” in the value, it indicates it just happened.
New Bull
Bull
New Bear
Bear
Future Cloud Determines the sentiment for the future cloud. When the Value as “New” in the value, it indicates it just happened.
New Bull
Bull
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New Bear
Bear
TS/KS Determines the relationship between the Tenkan Sen and Kijun Sen values. If Tenkan Sen is above the Kijun Sen then the value is Bullish. If the Tenkan Sen is below the Kijun Sen then the value is Bearish. . When the Value as “New” in the value, it indicates it just happened.
New Bull
Bull
New Bear
Bear
3. ChartMost indicator don’t require anything data to be printed to the right of the current bar. Everything is at the current bar or drawn to the left of the current bar representing past price action.
Ichimoku is very different. It draws data 26 bars in the future. As a result, the chart needs to be altered to allow for this future drawing. Figure 3 shows the value that needs to be changed.
NOTE: Before the Ichimokutrade indicator can be added, the “Space to the Right” field needs to be changed from 0 to 28 bars” under the “Format Window” option. If this is not done, an error will occur.
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Figure 3: General Tab under Format Window Option
4. Error where the Cloud does not draw Vertical Lines
If you get a chart similar to Figure 4 then change the values shows in Figure 5 and Figure 6.
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Figure 4: Vertical Lines in Cloud didn’t draw
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Figure 5: Format Ichimokutrade Indicator->Style->A_Cloud
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Figure 6: Format Ichimokutrade Indicator->Style->B_Cloud
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5. Error with Candle Lines
If your charts look like Figure 7 below then another menu options needs to be changed.
Figure 7: Candle Stick View Issue
To fix the problem above, please uncheck the Candlestick option under the Display tab under Chart Analysis Preferences.
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6. Workspace
The workspace called Ichimokutrade.tsw provides a sample chart and sample Radarscreen. Figure 7 shows the screen shot of the workspace.
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7. Ichimoku E-BookOn our website at www.eiicapital.com, we provided a free E-Book. The E-Book covers all the Ichimoku
formulas along with the strategies.
8. Contact DetailsPlease contact us for any issue you may have including product enhancements. Our email address is as
follows: [email protected]
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