Registered User
Joined: 3/4/2005
Posts: 1
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Is there a way to create an Ichimoku Cloud Chart on TeleChart?
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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Please start by watching the following video:
Plotting Custom Indicators with Examples
Here is how to plot each element as its own Custom Indicator. In all cases, be sure to check the "Price Scale" option:
Tenkan-Sen
(MAXH7+MINL7)/2
Kijun-Sen
(MAXH22+MINL22)/2
Senkou Span A
(MAXH7.26+MINL7.26+MAXH22.26+MINL22.26)/4
Senkou Span B
(MAXH44.22+MINL44.22)/2
There is no way to create the shaded area between the A and B so I would make them the same or similar colors.
- Craig
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Registered User
Joined: 5/29/2008
Posts: 2
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Exactly what I was looking for except there is no Senkou Span. Is it impossible to create with TeleChart?
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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I give both Span A and B above.
- Craig
Here to Help!
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Registered User
Joined: 5/29/2008
Posts: 2
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Argh, I'm sorry, I meant to say Chikou Span, not Senkou Span.
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Registered User
Joined: 12/30/2004
Posts: 369
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Craig,
Could you provide the custom formula for the Chikou Span.
Thanks,
-amberpax
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Registered User
Joined: 10/26/2005
Posts: 238
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Chikou Span, which is representative of today's price moved back 26 periods ago
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Registered User
Joined: 12/30/2004
Posts: 369
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Yes, I know what it is, but I don't know how to plot it!
-amberpax
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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I do not know of a way to plot the Chikou Span as part of a full Ichimoku Cloud in the current version of TeleChart. The Ichimoku Cloud is one of the available Indicators in Blocks.
-Bruce
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Registered User
Joined: 12/30/2004
Posts: 369
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Bruce,
I was afraid of that and I can live without it. Thank you all the same.
-amberpax
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Registered User
Joined: 3/23/2009
Posts: 4
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I found this reference to Ichimoku charts: http://kb.worden.com/default.asp?id=530&Lang=1&SID= in the Knowledge Base. Is it possible that this implementation is available to just plug in to my indicators? Thanks, Steve
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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SteveDeddens,
Welcome to the forums. A very good foundation for learning how to use TeleChart can be gained by reviewing the following:
If you are new to TeleChart READ THIS FIRST!
An Ichimoku Chart is one of the Indicators available in StockFinder, but it is not available as one of the built in Indicators in TeleChart.
-Bruce
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Registered User
Joined: 3/23/2009
Posts: 4
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Bruce,
Great. I was able to get StockFinder fired up and found the Ichimoku indicator the the Main Chart. Thanks.
Now, looking at the Senkou Span A and B (the cloud), it is supposed to be plotted forward on the chart for 26 days. Unfortunately the current days candle is plotted against the right margin. Not good as the projected cloud is an imperative. Any ideas? Thanks, Steve
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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SteveDeddens,
You should be able to Open an attached Indicator directly into a running copy of StockFinder (and save it from within StockFinder if desired).Attachments:
Ichimoku.sfIndRC - 13 KB, downloaded 1,105 time(s).
-Bruce
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Registered User
Joined: 3/23/2009
Posts: 4
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Bruce,
I believe that is what I have done. I get a beautiful Ichimoku Kinko Hyo display. All the indicators are correctly displayed. The problem is the implementation as presented fails to project the Senkou Span A and B cloud into the next 26 periods. E.G., my screen shows a candle for yesterday, Monday the 23rd and all days before that. A correct Ichimoku chart will have yesterday plotted 26 periods to the left of the right margin there bye leaving room to draw the cloud into the future. (the cloud, by default, is a 26 day future resistance indicator) This is really nice to have... In fact it is an imperative for me.
What can we do to get this indicator to draw correctly?
Thanks, Steve
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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SteveDeddens,
You have not downloaded the Indicator attached to my Tuesday, March 24, 2009 4:14:51 PM ET post as it currently indicates it has been downloaded 0 times.
In most browsers, if you left-click on the attachment it should bring up an option to Open the file.
-Bruce
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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SteveDeddens,
I downloaded the attached Indicator (it now shows 1 download) and it definitely has the Senkou Cloud plotted into the future.
-Bruce
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Registered User
Joined: 3/23/2009
Posts: 4
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Well, what do you know!. I had to go back and read your post again.... completely missed your link. Looks to be working now. Thanks, Steve
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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SteveDeddens,
You're welcome. Our pleasure.
-Bruce
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Registered User
Joined: 12/1/2004
Posts: 34
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I thought the Tenkan Sen and Kijun Sen lines were supposed to be exponential moving averages.
The formulas above for those lines, therefore, would NOT be accurate.
Am I wrong?
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Administration
Joined: 9/30/2004
Posts: 9,187
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No, they are not moving averages. Each line is the highest high + lowest low for the specified period divided by 2.
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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Yes, you are wrong. There are no moving averages involved in an Ichimoku Chart at all. It is various combinations and offsets of price and the mid-points of price ranges over time (the specific lengths and offsets can vary a bit by source and can be set in TC2000 version 12).
-Bruce
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Registered User
Joined: 12/1/2004
Posts: 34
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So it IS considered an "average" over 9 periods, but not calculated as a "moving average".
Mark
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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I suppose you could think of the Tenken-Sen (or Conversion Line) as an average over 9-periods (or 7-periods using Craig's source), but it isn't a moving average, it isn't the average of price over 9-periods and it isn't exponential. It is an average of the highest high and lowest low over 9-periods, because that is how you would calculate the midpoint of the range over those 9-periods.
-Bruce
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Registered User
Joined: 12/1/2004
Posts: 34
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In other words, as an example, if calculating a Tenkan Sen of 4 days, the following would be wrong.
((H3+L3)/2)+((H2+L2)/2)+((H1+L1)/2)+((H+L)/2)/4
and
(MAXH4+MINL4)/2
would be the most accurate
Mark
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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Exactly.
-Bruce
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Registered User
Joined: 12/1/2004
Posts: 34
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Okay! Thank you!
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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You're welcome.
-Bruce
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