Ichimoku EMA Bands Indicator for ThinkorSwim

BenTen

BenTen

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You may find the default Ichimoku cloud indicator confusing. Well, here is the simplified version of that with EMA bands included for ThinkorSwim.

This was converted from the original TradingView version. According to the developer, here are the conditions to buy and sell.

Ichimoku Signals:
  • Red (bearish) or Blue (bullish) line represents trend.
  • If blue line is above the grey cloud, bullish trend is stronger.
  • If red line is below the grey cloud, bearish trend is stronger.
  • Buy when candle close above the line or short when candle close below it.
  • Take profit when price touches the band and exceeds.
You can use this indicator on any timeframes you like but I recommend the hourly and daily chart. It's good for knowing the long term trend.



thinkScript Code

Rich (BB code):
# Converted by WalkingBallista with help from Benten
# Source: https://www.tradingview.com/script/2TicXK2B-Ichimoku-EMA-Bands/
# https://usethinkscript.com/d/106-ichimoku-ema-bands-indicator-for-thinkorswim
# Ichimoku
#
input tenkan_period = 5;
input kijun_period = 26;

plot Tenkan = (Highest(high, tenkan_period) + Lowest(low, tenkan_period)) / 2;
plot Kijun = (Highest(high, kijun_period) + Lowest(low, kijun_period)) / 2;
plot "Span A" = (Tenkan[kijun_period] + Kijun[kijun_period]) / 2;
plot "Span B" = (Highest(high[kijun_period], 2 * kijun_period) + Lowest(low[kijun_period], 2 * kijun_period)) / 2;
def Chikou = close[-kijun_period];

DefineGlobalColor("A", Color.Dark_Gray);
DefineGlobalColor("B", Color.Dark_Gray);
DefineGlobalColor("Bull", Color.Blue);
DefineGlobalColor("Bear", Color.Red);
Tenkan.SetDefaultColor(Color.Orange);
Kijun.AssignValueColor(if close >= Kijun then GlobalColor("Bull") else GlobalColor("Bear"));
"Span A".SetDefaultColor(GlobalColor("A"));
"Span B".SetDefaultColor(GlobalColor("B"));

AddCloud("Span A", "Span B", GlobalColor("A"), GlobalColor("B"));

#
# EMAs
#

declare weak_volume_dependency;

input displace = 0;
input ema_length = 26;

input atr_factor = 2.272;
input atr_length = 200;
input price = close;
input averageType = AverageType.EXPONENTIAL;
input trueRangeAverageType = AverageType.WILDERS;

def shift = atr_factor * MovingAverage(trueRangeAverageType, TrueRange(high, close, low), atr_length);

def average = MovingAverage(averageType, price, ema_length);

plot Avg = average[-displace];
Avg.SetDefaultColor(Color.Black);

plot Upper_Band = average[-displace] + shift[-displace];
Upper_Band.SetDefaultColor(Color.Red);

plot Lower_Band = average[-displace] - shift[-displace];
Lower_Band.SetDefaultColor(Color.Green);

Shareable Link

http://tos.mx/MnLRFo

Credits:
 
Last edited:
S

Sree

New member
Hi New joiner here, please help to plot Chikou span as well with provisions to set color.



Thank you!

 
Last edited:
BenTen

BenTen

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@Sree See above link. Thanks @markos

 
Last edited:

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