Ichimoku Cloud with Percentage Distance and Background Color

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The “Ichimoku Cloud with Percentage Distance and Background Color” Indicator is an enhanced Ichimoku Kinko Hyo tool designed for comprehensive trend analysis and visualization. It integrates traditional Ichimoku components with additional features to improve usability and market insight.

Key Features:
1. Core Ichimoku Components:
• Conversion Line (Tenkan-sen): Short-term trend line calculated using a 9-period average of high and low prices.
• Base Line (Kijun-sen): Medium-term trend line using a 26-period average of high and low prices.
• Leading Span A (Senkou Span A): Average of the Conversion and Base Lines, shifted forward by 26 periods.
• Leading Span B (Senkou Span B): 52-period average of high and low prices, shifted forward by 26 periods.
• Lagging Span (Chikou Span): Current closing price plotted 26 periods behind.
2. Cloud (Kumo):
• The space between Leading Span A and Leading Span B is filled to form a “cloud.”
• Bullish cloud: Green when Leading Span A > Leading Span B.
• Bearish cloud: Red when Leading Span B > Leading Span A.
3. Percentage Distance Metrics:
• Displays the percentage distance between the current price and the Base Line (BL) and Conversion Line (CL).
• Positive values are shown in green, and negative values are shown in red.
4. Dynamic Background Color:
• Light green: Conversion Line is above the Base Line, indicating bullish momentum.
• Light red: Conversion Line is below the Base Line, signaling bearish momentum.
• Neutral gray: No clear trend (Conversion Line equals Base Line).
5. Integrated Table:
• A compact table at the bottom-right corner displays the percentage distances for BL and CL with color-coded values for quick interpretation.

Applications:
• Identify trends and potential reversals with the Ichimoku Cloud.
• Analyze momentum shifts using percentage distances.
• Visualize bullish/bearish conditions directly with background color changes.
• Quickly assess price relationships relative to key Ichimoku levels via the percentage distance table.

This indicator is ideal for traders looking for a comprehensive and visually enhanced tool to analyze market trends and momentum effectively.