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Dual SuperTrend, Ichimoku and DMI Color Weighted by DGT

已更新

This study interprets SuperTrend with Ichimoku Cloud, one of the popular technical analysis indicator, and interprets Directional Movement (DMI), which is another quite valuable technical analysis indicator.
Then combines the interpreted SuperTrend with interpreted Directional Movement (DMI) and Volume Based Colored Bars indicator created by Kıvaç ÖZBİLGİÇ (permission has been granted from the author)

Here are details of the concept applied

1- SuperTrend Line colored based on Ichimoku Cloud

Definition

The Ichimoku Cloud, developed by Goichi Hosoda and published in the late 1960s, is a collection of technical indicators that give it a unique capacity to show support and resistance levels, momentum and trend direction

What Does the Ichimoku Cloud Tells?

The overall trend is up when price is above the cloud, known as Kumo Cloud, down when price is below the Kumo Cloud, and trendless or transitioning when price is in the Kumo Cloud

When Senkou Span A (Leading Span A) is rising and above Senkou Span B (Leading Span B), this helps confirm the uptrend and space between the lines is typically colored green. When Senkou Span A is falling and below Senkou Span B, this helps confirm the downtrend. The space between the lines is typically colored red

Traders often use the Kumo Cloud as an area of support and resistance depending on the relative location of the price. The Kumo Cloud provides support/resistance levels that can be projected into the future. This sets the Ichimoku Cloud apart from many other technical indicators that only provide support and resistance levels for the current date and time

Crossovers, also known as TK Cross among Ichimoku Cloud traders, are another way the indicator can be used. Watch for the Tenkan-Sen Line, or Conversion Line, to move above the Kijun-Sen Line, or Base Line, especially when price is above the Kumo cloud. This can be a powerful buy signal. One option is to hold the trade until the Tenkan-Sen drops back below the Kijun-Sen Line. Any of the other lines could be used as exit points as well.

With this study:
Allow Traders to use the Ichimoku Cloud in conjunction with other technical indicators to maximize their risk-adjusted returns
The Ichimoku Cloud can make a chart look busy with all the lines. To Remedy this a different approach is applied in this study showing the Price and the Kumo Cloud relation as well as TK Crosses displayed. The SuperTrend Indicator is chosen to display Ichimoku Indicator, where the SuperTrend is another trend following indicator.

How it works:
SuperTrend Line is colored as:
Green when the Price is above the Kumo Cloud
Red when the Price is below the Kumo Cloud
Black when the Price is within the Kumo Cloud
And Finally Blue when the Kumo Cloud Is not ready to be drawn or not Kumo Cloud available

Additionally intensity of the colors used in all cases above are defined by values of Tenkan-Sen and Kijun-Sen Line, which allows us to detect TK Crosses

2- Plots Colored Directional Movement Line

Definition

Directional Movement (DMI) (created by J. Welles Wilder ) is actually a collection of three separate indicators combined into one. Directional Movement consists of the Average Directional Index (ADX) , Plus Directional Indicator (+D I) and Minus Directional Indicator (-D I) . ADX's purposes is to define whether or not there is a trend present. It does not take direction into account at all. The other two indicators (+DI and -DI) are used to compliment the ADX. They serve the purpose of determining trend direction. By combining all three, a technical analyst has a way of determining and measuring a trend's strength as well as its direction.

This study combines all three lines in a single colored shapes series plotted on the top of the price chart indicating the trend strength with different colors and its direction with triangle up and down shapes.

What to look for

Trend Strength : Analyzing trend strength is the most basic use for the DMI. Wilder believed that a DMI reading above 25 indicated a strong trend, while a reading below 20 indicated a weak or non-existent trend

Crosses : DI Crossovers are the significant trading signal generated by the DMI

With this study
A Strong Trend is assumed when ADX >= 25
Bullish Trend is defined as (+D I > -DI ) and (ADX >= 25), which is plotted as green triangle up shape on top of the price chart
Bearish Trend is defined as (+D I < -DI ) and (ADX >= 25), which is plotted as red triangle down shape on top of the price chart
Week Trend is assumed when 17< ADX < 25, which is plotted as black triangles up or down shape, depending on +DI-DI values, on top of the price chart
Non-Existent Trend is assumed when ADX < 17, which is plotted as yellow triangles up or down shape, depending on +DI-DI values, on top of the price chart

Additionally intensity of the colors used in all cases above are defined by comparing ADX’s current value with its previous value

3- Volume Based Colored Bars indicator created by Kıvaç ÖZBİLGİÇ

Volume Based Colored Bars colors the bars into volume weighted signals increasing the visibility of the Volume changes. Intensity of the colors of the bars varies according to average value of the volume for given length of bars (default value set to 30 bars)

Disclaimer: The script is for informational and educational purposes only. Use of the script does not constitutes professional and/or financial advice. You alone the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd tradingview user liable for any possible claim for damages arising from any decision you make based on use of the script

發行說明

minor update

The Kumo Cloud provides support/resistance levels that can be projected into the future,
All information till the lates candle are stored as colors and color intesity on SuperTrend line and the future projections of the Kumo Cloud are added to be plotted with this study

發行說明

default values of ichimoku cloud setings is this study is updated to the recomended ratio of setting as 1-3-6-3

ps: default setting are adjusted to better suit crypto market

發行說明

additional SuperTrend line added where coloring is calculated based on directional movement index

hence the script is supporting multiple superTrend lines colored on different trend indicators

發行說明

small update : not to plot supertrend if the value of supertrend is 0

發行說明

small update: TK and DI Crosses added to emphsis the effect even if they were represented by intencity changes of the colors, now much clearer
TK Cross, well known among Ichimoku Cloud traders, is a cross when Tenkan-Sen Line, or Conversion Line, move above/below the Kijun-Sen Line, or Base Line. This cross is ussually considered as a trade opportunuty depending where it occurs. As stated above in the description the colors of the SuperTrend line is indicating where the price is compared to Kumu cloud.

DI Corss, is a cross when Plus Directional Indicator (+DI) and Minus Directional Indicator (-DI) lines corosses each other. When Plus Directional Indicator (+DI) İs above Minus Directional Indicator (-DI) indicates bullish move is higher(triangle up) and is bearish when Plus Directional Indicator (+DI) İs below Minus Directional Indicator (-DI) (triange down). ADX value of the DMI shows the strength of the trend, which is represented as color codes with this study. Please refer to above description for furhter details

Finally, Input Dialog is adjusted a bit

This study combines different Trend Indicators, SuperTrend, Directional Movement (ADX, +DI, -DI) and Ichimoku Cloud, and additionall an Volume indicator.

發行說明

updated tags

發行說明

label added :
displaying the trend strength and direction
displaying adx and di+/di- values
displaying adx's momentum (grawing or falling)
where tooltip label describes "howto read colored dmi line"

發行說明

study name change

發行說明

label display extended with readings of all components included in the study (SuperTrend, Ihcimoku Cloud, Directional Movement, Volume)
ability to display historical readings added

alertcondition added when
-conversionLine crosses baseLine
-diplus crosses diminus
-superTrends change direction (both separetly)

發行說明

minor update: changed Ichimoku Cloud setting to default settings

for crypto : it is suggested to have 10-30-60-30 or 20-60-120-30

發行說明

spelling correction

also made, Volume Weighted Colored Bars configurable

發行說明

aesthetic update

發行說明

update
The study benefits of having 2 SuperTrend indicators with different ATR setting allowing user;
- to easily spot the trending areas, and consolidation areas

additionally, each SupertTrend carries the colors of another Trend Indicator, in our case one of them is Directional Movement Index (DMI) and the other Ichimoku Cloud

Note : ADX Colored Directional Movement Line is presented on top of the chart and how to read it is available in the tooltip of the Trend Statistical Panel

New option additions :
- Highlight SuperTrend Breakouts with Alerts

- Highlight SuperTrend Trending Cloud

Additionally, script optimization and migration to Pine v5 performed

PS : For alerts configuration please use 'Once Per Bar Close' option, in other case alert will be early warning but will be subject to repaint

發行說明

quick update : Statistical Panel besides Trend Indicators (SuperTrends, DMI and Ichimoku) and Volume Indicator, now includes also Momentum Indicators (RSI, Stoch and MACD)