Noro's Ichimoku Alerts

The Noro's Ichimoku Alerts indicator is a specialized trend-following tool that combines Ichimoku Cloud components with advanced filtering and risk management logic to identify high-probability trade entries and exits.

Usage

The tool is designed to identify long and short opportunities based on Ichimoku price action. Users can toggle between "Cloud Strategy" mode, which uses leading span relationships, and a baseline-cross mode. The script provides visual labels for entries and multiple exit conditions.

You can customize the trade direction via the What type of Orders setting:

• Longs+Shorts: Standard bidirectional trading.
• LongsOnly / ShortsOnly: Filters signals to a single direction.
• Flip: Reverses the internal logic for contrarian approaches.

The indicator also features optional bar coloring to track the state of a trade, where green bars signify active long positions and red bars signify active short positions.

Details

The script builds upon the traditional Ichimoku Kinko Hyo system by adding two critical filters:

• Body Filter: Analyzes the relative size of the candle body against a 10-period average. This helps avoid entries during low-volatility or "doji" price action.
• Color Filter: Ensures that the candle color aligns with the logic (e.g., requiring a bearish candle for a long setup to potentially capture a reversal or specific price action pattern).

Additionally, the script includes a sophisticated exit engine featuring Trailing Stops, Take Profits with a trailing trigger, and fixed Stop Losses. These are calculated dynamically from the entry price and recent highs/lows.

Settings

Ichimoku Parameters

• Conversion Periods: The period for the Tenkan-sen (Conversion Line).
• Base Periods: The period for the Kijun-sen (Base Line).
• Lagging Span: The period for the Senkou Span B (Lagging Span 2).
• Displacement: The number of periods to shift the cloud and lagging span.
• Use Cloud Strategy: When enabled, signals are derived from price relation to the Cloud; when disabled, signals are derived from price relation to the Base Line.

Filters

• Use Body Filter: Enables/disables the minimum candle body size requirement.
• Use Color Filter: Enables/disables the candle color requirement for signal generation.

Trade Management

• What type of Orders: Selection for trade directionality.
• Colour Candles to Trade Order state: Toggles the trade-state-based bar coloring.
• Trailing Stop: Enables a percentage-based trailing stop.
• Take Profit: Enables a fixed percentage take profit with optional trailing.
• Stop Loss: Enables a fixed percentage stop loss.

FAQ

How do I access Noro's Ichimoku Alerts?

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

What is the difference between "Cloud Strategy" and the standard mode?

The standard mode triggers signals when the price is above/below the Base Line, whereas the Cloud Strategy requires price to be above/below the displaced Senkou Spans.

How does the Trailing Profit work?

If "Take Profit" is enabled, the script waits for the price to hit the target percentage. Once hit, it activates a trailing mechanism based on the "Trailing Profit (%)" input to capture further trend extension.