Ichimoku 2 sets of settings, markers and alerts

The Ichimoku 2 sets of settings, markers and alerts indicator provides a versatile implementation of the Ichimoku Cloud, featuring dual parameter sets, multiple signal markers, and comprehensive alert functionality. This tool helps traders identify trend direction, momentum, and potential exhaustion points using both traditional and custom Ichimoku interpretations.

Usage

The script can be used to identify various technical setups through its built-in markers. Traders can switch between two distinct parameter configurations (e.g., standard vs. "doubled" settings) to adapt to different market conditions or timeframes.

The indicator includes five types of markers:

• Tenkan/Kijun Crosses: Traditional momentum signals based on the interaction between the conversion and base lines.
• Close/Tenkan Crosses: Price-action based entries, with an optional filter to only show pullbacks occurring in the direction of the prevailing trend.
• Kumo Exits: Signals triggered when the price closes outside of the Kumo Cloud.
• Chikou Kumo Exits: Lagging span breakouts from the Cloud.
• Overbought/Oversold: Exhaustion signals identified when the price deviates from the Kijun-sen by a specific ATR-based multiple.

Traders can further refine the visual output by displaying only long or short markers and applying bar coloring based on extreme price deviations.

Details

The indicator implements the standard Ichimoku components: Tenkan-sen, Kijun-sen, Senkou Span A, Senkou Span B (Kumo), and the Chikou Span. The Kumo A/B logic is simplified so that Kumo A represents the top of the cloud during bullish trends and the bottom during bearish trends.

The Overbought/Oversold (OB/OS) detection uses a volatility-adjusted distance from the Kijun-sen. By calculating the distance between the High/Low and the Kijun-sen as a multiple of the Average True Range (ATR), the script identifies mean-reversion opportunities where price has overextended.

Settings

General Settings

• Use Settings 1: Toggle between two independent sets of Ichimoku parameters.
• Tenkan/Kijun/Kumo B Length: Period settings for the respective Ichimoku lines.
• Chikou and Kumo Offset: The displacement value for the lagging span and the forward-shifted cloud.

Markers and Alerts

• Show Only Long/Short Markers: Filters the visual signals to a specific trade direction.
• Marker Selection: Individual toggles for the five signal types described in the Usage section.
• ATR Multiple/Length: Controls the sensitivity of the Overbought/Oversold detection.
• Color Bars: Enables or disables price bar coloring based on OS/OB status.

FAQ

How do I use the dual settings feature? You can define two different sets of Ichimoku periods in the settings menu and quickly toggle between them using the "Use Settings 1" checkbox to see how different parameters affect the cloud and signals.

What are the pullback markers? When "Only show on pullbacks" is enabled for Marker 2, the indicator only displays price/Tenkan crosses that align with the current Tenkan/Kijun relationship, helping to filter out counter-trend signals.

How do I access Ichimoku 2 sets of settings, markers and alerts? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.