The Ichimoku indicator, also known as "Ichimoku Kinko Hyo," is a technical analysis tool developed by Japanese journalist Goichi Hosoda in the 1930s.

It is a technical analysis tool that allows you to identify support and resistance, determine trend, and measure momentum.

The indicator consists of 4 main lines and a cloud called "Kumo."

1. Tenkan-sen (Conversion Line): calculated as the average of the highs and lows of the last 9 periods. Serves as a short-term indicator for trend direction.

2.Kijun-sen (Baseline): is the average of the highs and lows of the last 26 periods. It acts as support/resistance and can be used to identify potential trend changes.

3.Chikou Span (Delay Line): represents the closing price moved back 26 periods. It is used to compare the current price with past price movement.

4. Senkou Span: is calculated as the average of Tenkan-sen and Kijun-sen, projected forward 26 periods. It forms one of the two lines that create the "cloud" (Kumo).

Setting Usage

Clicking on the indicator settings icon will open its configuration window, within which you can make several choices regarding the indicator's functionality.

Parameters

In the Parameters section you can set the period of: conversion line, baseline and lagging span

Series

In the Series section you can set the colors and style of: Tenkan-sen, Kijun-sen, Chikou Span and Senkou Span.