OPEN-SOURCE SCRIPT
Ichimoku MA Bands
Updated
This indicator is based on the price average of the Ichimoku Strategy taking into account the last twenty five bars.
The blue band represents an upward momentum whereas the white band represents a downward momentum.
The red line is the 50 EMA which is used as a dynamic support resistance level for this strategy.
This indicator also has alerts that can be enabled by the user.
Disclaimer:
The current script should be used in confluence with other trading strategies and not in isolation. The scripts works best on 5M and 15M Timeframes and should be used with caution on lower timeframes.
This indicator is not intended to give exact entry or exit points for a trade but to provide a general idea of the trend & determine a good range for entering or exiting the trade. Please DYOR
Credit & References:
This script uses the default technical analysis reference library provided by PineScript (denoted as ta)
The blue band represents an upward momentum whereas the white band represents a downward momentum.
The red line is the 50 EMA which is used as a dynamic support resistance level for this strategy.
This indicator also has alerts that can be enabled by the user.
Disclaimer:
The current script should be used in confluence with other trading strategies and not in isolation. The scripts works best on 5M and 15M Timeframes and should be used with caution on lower timeframes.
This indicator is not intended to give exact entry or exit points for a trade but to provide a general idea of the trend & determine a good range for entering or exiting the trade. Please DYOR
Credit & References:
This script uses the default technical analysis reference library provided by PineScript (denoted as ta)
Release Notes
- Added Labels for potential Buy and Sell candles- Updated Dynamic S&R from EMA50 to a multiple of ATR
- Updated Alerts
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.