OPEN-SOURCE SCRIPT
Tenkan-Sen Kijun-Sen Distance (TKD) Oscillator - Ichimoku
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The TKD is the distance between the Tenkan-Sen and the Kijun-Sen, expressed in percentage of current price. The further apart the tenken-sen and kijun-sen are, the more they want to snap back together. This makes for a decent oscillator. When the Tenkan-Sen is above the Kijun-Sen, the TKD is green. When it is below, the TKD is red. At the crossing points, it turns blue.
For those more familiar with Ichimoku Cloud techniques, one might also think of this indicator as a C-Clamp indicator. Bar coloring is supported and enabled by default. There's also an option to flip/invert the green/red colors in case you want to use it to judge pending cycles rather than current ones.
For those more familiar with Ichimoku Cloud techniques, one might also think of this indicator as a C-Clamp indicator. Bar coloring is supported and enabled by default. There's also an option to flip/invert the green/red colors in case you want to use it to judge pending cycles rather than current ones.
Notes de version
Now gives a much earlier signal since now we're figuring out what the new signal is going to be based on what the last signal was before the cross started. This also means no more blue/indecision lines. Could it reverse in the middle of the cross? Sure but that has a low probability of happening.Script open-source
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