The Ichimoku Clouds strategy has been one of my favorite scripts to work with since I came across it a few months ago, so I thought I'd share one of the automated features I created for the strategy.
For the purpose of this script, I'll only explain the Chikou Span aspect of it since there are plenty of other explanations about Ichimoku Clouds.
The Chikou Span is...
The market consists of three phases: an uptrend phase, a downtrend phase, and a range-bound phase.Furthermore, if we include a trend phase and a correction phase, the market has five phases. In other words, the market is classified into the “five phases” as below:
1) Uptrend market (trend phase, upward bias)
2) Downtrend market (trend phase, downward bias)
The Span Model is a very unique chart which shows us especially when to buy and when to sell. And the Span Model has advantage in judging the trade timing.
The Span Model is composed of only three lines (spans).
They are the Blue Span, the Red Span and the Chikou Span.
And a major...