Ichimoku Basic Alerts

The Ichimoku Basic Alerts indicator provides a comprehensive trading system based on the Ichimoku Kinko Hyo framework, enhanced with signal alerts and momentum filtering.

Usage

The indicator generates buy and sell signals based on multiple Ichimoku conditions occurring simultaneously. Users can utilize these signals to identify trend-following entries confirmed by the "Cloud" (Kumo).

• Long Signals: Occur when the Tenkan-Sen crosses over the Kijun-Sen while the price is above the Cloud, the Chikou-Span confirms positive momentum, and the Senkou-Span A is above Senkou-Span B.
• Short Signals: Occur when the Tenkan-Sen crosses under the Kijun-Sen while the price is below the Cloud, the Chikou-Span confirms negative momentum, and the Senkou-Span A is below Senkou-Span B.
• RSI Integration: You can enable RSI or Stochastic RSI filtering to prevent entering trades in overextended conditions or to trigger take-profit exits when the oscillator hits overbought/oversold levels.

Details

This script is a refactored version of the classical Ichimoku Kinko Hyo, specifically optimized for modern Pine Script standards and alerting. It calculates the five main components:

1. Tenkan-Sen (Conversion Line): 9-period mid-point.
2. Kijun-Sen (Base Line): 26-period mid-point.
3. Senkou Span A (Leading Span A): Mid-point of Tenkan and Kijun, projected forward.
4. Senkou Span B (Leading Span B): 52-period mid-point, projected forward.
5. Chikou Span (Lagging Span): Current closing price projected backward.

The logic requires all components to align (Tenkan/Kijun cross, Chikou momentum, and Cloud position) before a signal is printed, ensuring a high-confluence trend entry.

Settings

Ichimoku Cloud

• Tenkan-Sen Bars: The period for the conversion line (default 9).
• Kijun-Sen Bars: The period for the base line (default 26).
• Senkou-Span B Bars: The period for the second leading span (default 52).
• Chikou-Span Offset: The number of bars to offset the lagging span.
• Senkou-Span Offset: The number of bars to project the cloud forward.
• Long/Short Entry: Toggles to enable or disable specific directional signals.

RSI

• Use for Entry: When enabled, prevents long entries if RSI is overbought or short entries if RSI is oversold.
• Use for Take Profit: When enabled, triggers an exit signal when the RSI reaches the opposite extreme.
• RSI Period: The lookback length for the RSI calculation.
• Overbought/Oversold Levels: The threshold values for the oscillator.

Stoch RSI Toggle

• Toggle RSI inputs to use Stoch RSI: Switches the filter from standard RSI to a Stochastic RSI calculation.
• Stoch RSI Length: The period used for the Stochastic calculation applied to the RSI.

FAQ

How do I use the alerts with this indicator?

You can use the built-in alert conditions for "Open Long", "Open Short", and "Take Profit" signals. Simply use the TradingView Alert dialog and select this script as the condition.

Can I change the Ichimoku settings for faster timeframes?

Yes, all periods (9, 26, 52) are customizable in the settings menu to accommodate different trading styles like scalping or swing trading.

How do I access Ichimoku Basic Alerts?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.