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 supports and resistances, determine trend and measure momentum.
INDEX
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. It 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 shifted 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).
Parameters
In the Parameters section you can set:
- Conversion line period: the conversion line period.
- Base line period: the base line period.
- Period lagging span: the lag in loading period.
Series
In the Series section you can set the colors and style of:
- Tenkan Sen
- Kijun Sen
- Chikou Span
- Senkou Span
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