Chiko-Span Momentum_PineScript_Version5

This is Momentum indicator based on "Chiko-span" of Ichimoku Kinko-Hyo.

Differ from normal momentum indicator , this indicator is using "close" and "open" as default parameter which is based on 9 week-candle chart Invented by Ichimoku-Sanjin. And, It is located 26 period before to match chiko-span.
(Parameters can change as you like)

The usage is same as normal momentum indicator so please check momentum indicator usage. However, due to use this indicator, it may support to compare momentum of chiko-span movement and to predict effect 5 lines of ichimoku .

For example, when price break out tenkan-sen, you can measure slope or period of chiko-span momentum and compare previously chiko-span momentum. If momentum is stronger than previously price, we can think that price try to out kijun- sen, touch cloud or break out cloud.

I wish, this indicator helps ichimoku users.
リリースノート: changed color.


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