This script utilizes its source from a non-repainting renko closing price. Renko charts focus solely on price movement and minimize the impacts of time and the extra noise time creates. Employing the renko close helps smooth out the Ichimoku Cloud. Insignificant price movements will not cause a change in the plotted lines of the indicator unless a new threshold is breached or a "brick" is created.
This Ichmoku Cloud includes all standard lines with standard lengths. These include: Tenken Sen Kiju Sen Senkou A/B Chikou Span We have also included plotted marks for when there is a Tenken Sen/ Kiju Sen cross and for the Kumo cloud twist.
There are two methods for selecting the box size. Box size is critical for the overall function and efficacy of the plots you will visually see with this indicator. Box size is set automatically using the Average True Range "ATR" or manually using the "Traditional" setting. The simplest way to determine a manual box six is to take the ATR of the given instrument and round it to the nearest decimal place. As an example, if the ATR for the asset is 0.017, you would round that number to 0.02 and utilize this as your traditional box size.
Just some suggestions, if you could consider implementing.
I use the traditional method using half of the ATR (14) value. I recalculate box sizes every 7 boxes. So accordingly. 1) The ATR value could be printed on the screen for easy reference. 2) The current traditional box size also is printed 3) The projected box size, half in my case (or roundup in yours) is shown as a moving number. 4) As 3 and 2 diverge, the user gets a cue to change the box size OR 5) The script changes it automatically
Thank you
LeafAlgo
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@ChiragPatnaik, thank you for the input! We will take this into consideration when updating the script. Excellent feedback!
This looks excellent. Thanks.
Just some suggestions, if you could consider implementing.
I use the traditional method using half of the ATR (14) value.
I recalculate box sizes every 7 boxes.
So accordingly.
1) The ATR value could be printed on the screen for easy reference.
2) The current traditional box size also is printed
3) The projected box size, half in my case (or roundup in yours) is shown as a moving number.
4) As 3 and 2 diverge, the user gets a cue to change the box size OR
5) The script changes it automatically
Thank you