Color Changing Chikou Indicator for ThinkorSwim

[RedToGreen]

That's it...that's all you get

No other elements of the Ichimoku included...GL

TSLA 2 min chart 12/31/2020

Have a good new year

Should note that I'm using a 18/52 TK period

#
# TD Ameritrade IP Company, Inc. (c) 2007-2020
#

input tenkan_period = 18;
input kijun_period = 52;

def Tenkan = (Highest(high, tenkan_period) + Lowest(low, tenkan_period)) / 2;
def Kijun = (Highest(high, kijun_period) + Lowest(low, kijun_period)) / 2;

plot Chikou = close[-kijun_period];


def DownChik = Chikou < High from 26 bars ago and Chikou < Close;
def UpChik = Chikou > High from 26 bars ago and Chikou > Close;


Chikou.assignValueColor( if UpChik then color.DARK_GREEN else if DownChik then color.DARK_RED else color.BLUE);

 

[RedToGreen]

Updated. Notes in code

#
# TD Ameritrade IP Company, Inc. (c) 2007-2020
#
#1/1/2021 added code to reflect if longer Length Chikou is above or below shorter Chikou (Standard setting)
input tenkan_period = 18;
input kijun_period = 52;

input tenkan_periods = 9;
input kijun_periods = 26;

def Tenkan = (Highest(high, tenkan_period) + Lowest(low, tenkan_period)) / 2;
def Kijun = (Highest(high, kijun_period) + Lowest(low, kijun_period)) / 2;

def Tenkans = (Highest(high, tenkan_periods) + Lowest(low, tenkan_periods)) / 2;
def Kijuns = (Highest(high, kijun_periods) + Lowest(low, kijun_periods)) / 2;

#def Chikou = close[-kijun_period];
def Chikous = close[-kijun_periods];

plot Chikou = close[-kijun_period];


def LongPrice = Chikou > Close;
def ShortPrice = Chikou < Close;
def GreatHigh = Chikou > High from 26 bars ago;
def LessHigh = Chikou < High from 26 bars ago;
def GreatLow =  Chikou > Low from 26 bars ago;
def LessLow =  Chikou < Low from 26 bars ago;
def Chik_Gr_Chick = Chikou > Chikous;
def Chik_Lss_Chik = Chikou < Chikous;




Chikou.assignValueColor( if LongPrice and GreatHigh and chik_Gr_Chick then color.DARK_GREEN else if ShortPrice and lessLow and Chik_Lss_Chik then color.DARK_RED else color.BLUE);

 

[XeoNoX]

basic study with some kind of strategy, this should go more under strategy, however you didn't really explain the strategy. ;( @BenTen

 

[RedToGreen]

basic study with some kind of strategy, this should go more under strategy, however you didn't really explain the strategy. ;( @BenTen

Ahhh...yeah..I didn't....

Use basically the same way you would if using the full Ichimoku, with a few caveats.....ex..Chikou is above price and turns red, can be used as a short signal..

Generally if chikou is below price and blue, think countertrend. same if above price below price and blue move up, possible just a CT
above price and blue, short CT

Can also look for chikou lower high pivots or vice versa.

 

[Jonas99]

Thanks, @Jack Sprat I loaded the script to TOS and got this. It is different from RedToGreen's cloud version. But looks very interesting. Definitely much better than the standard MACD. I am gonna play with it in next few days.

thanks for sharing the chart. What is the study on top with cyan and red line, some kind of MA?