Library "Chikou" This library contains Chikou Filter function to enhances functionality of Chikou-Span from Ichimoku Cloud using a simple trend filter. Chikou is basically close value of ticker offset to close and it is a good for indicating if close value has crossed potential Support/Resistance zone from past. Chikou is usually used with 26 period. Chikou filter uses a lookback length calculated from provided lookback percentage and checks if trend was bullish or bearish within that lookback period. Bullish : Trend is bullish if Chikou span is above high values of all candles within defined lookback period. Bull color shows bullish trend . Bearish: Trend is bearish if Chikou span is below low values of all candles within defined lookback period. This is indicated by Bearish color. Reversal / Choppiness : Reversal color indicates that Chikou are swinging around candles within defined lookback period which is an indication of consolidation or trend reversal.
chikou(src, len, perc, _high, _low, bull_col, bear_col, r_col) Chikou Filter for Ichimoku Cloud with Color and Signal Output Parameters: src: Price Source (better to use (OHLC4+high+low/3 instead of default close value) len: Chikou Legth (displaced source value) perc: Percentage lookback period for Chikou Filter with defined how much candels of total length should be considered for backward filteration _high: Ticker High Value _low: Ticker Low Value bull_col: Color to be returned if source value is greater than all candels within provided lookback percentage. bear_col: Color to be returned if source value is lower than all candels within provided lookback percentage. r_col: Color to be returned if source value is swinging around candles within defined lookback period which is an indication of consolidation or trend reversal. Returns: Color based on trend. 'bull_col' if trend is bullish, 'bear_col' if trend is bearish. 'r_col' if no prominent trend. Integer Signal is also returned as 1 for Bullish, -1 for Bearish and 0 for no prominent trend.
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v2 : Updated and simplified function using ta.highest and ta.lowest
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v3
Updated: Erased lookback percentage and let the function work only based on Chikou (displaced Source) length with same results as before
Hello MightyZinger! Thank you for sharing the Chikou Filter! I have a question about the bearish signal determination. How did you determine if the stock is bearish? What was your defined look-back period?