Ichimoku Kinko Hyo Cloud - no offset - no repaint - RSI filter - strategy

The Ichimoku Kinko Hyo Cloud - no offset - no repaint - RSI filter - strategy tool provides a comprehensive trading system that combines the traditional Ichimoku Cloud with a zero-offset version and an RSI filter to identify high-probability trend reversals and continuations.

Usage

This script is designed to offer flexibility between traditional Ichimoku analysis and a modern, non-repainting approach. Users can toggle between the standard visual offset and a "no offset" version to better align signals with current price action.

The primary use cases include:

• Trend Identification: The cloud coloring adapts based on trend conditions: Uptrend (Green), Downtrend (Red), and Transition (Neutral).
• Signal Filtering: The integrated RSI filter helps qualify entries, ensuring long signals occur when the market isn't oversold and short signals occur when the market isn't overbought.
• Automated Execution: The strategy component uses "Conversion Line" (Tenkan-Sen) and "Base Line" (Kijun-Sen) crossovers combined with Cloud position to generate entry and exit signals.

Details

The "no offset" mode recalculates the Ichimoku components to remove the standard 26-period forward displacement. This allows the Lagging Span (Chikou Span) and the Senkou Spans to be viewed in real-time relative to current candles without repainting.

The strategy logic follows these rules:

• Long Entry: Occurs when a bullish Tenkan/Kijun crossover happens while price is in an uptrend (above the cloud) and the RSI is below the specified oversold filter level.
• Short Entry: Occurs when a bearish Tenkan/Kijun crossover happens while price is in a downtrend (below the cloud) and the RSI is above the specified overbought filter level.

Settings

Ichimoku Configuration

• Standard Ichimoku Cloud: Toggles the visibility of the traditional offset cloud.
• Ichimoku Cloud - no offset - no repaint: Toggles the zero-offset version of the cloud.
• Conversion Line Period: The lookback for the Tenkan-Sen (default 9).
• Base Line Period: The lookback for the Kijun-Sen (default 26).
• Lagging Span 2 Periods: The lookback for the Senkou Span B (default 52).
• Displacement: Controls the offset for Chikou and Senkou spans.

RSI Filter

• RSI Filter Levels: Sets the overbought and oversold thresholds to filter strategy entries.
• RSI Length: The period used for the RSI calculation.
• RSI Price Source: The data point used for RSI calculation (typically close).

FAQ

How do I use this as an indicator instead of a strategy?

You can convert the script to an indicator by changing the strategy() declaration to indicator() in the Pine Script editor and commenting out the strategy.* function calls.

Can I set alerts for the signals?

Yes, the script includes several alertcondition functions for trend starts, confirmations, and long/short signals which can be configured via the TradingView alerts menu.

How do I access the Ichimoku Kinko Hyo Cloud - no offset - no repaint - RSI filter - strategy?

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