Hi, this my new script which show you correct Ichimoku signals, when price exit cloud.
SELL SIGNAL:
- red line below blue
- green line below price
- price exit cloud bottom
- price below 3 EMA's!
BUY SIGNAL:
- red line above blue
- green line above price
- price exit cloud upper
- price above 3 EMA's!
You can change ichimoku parameters and input 3 EMA's. If u dont want use any of the EMA's then input 1 into them.
study(title="Ichimoku Cloud", shorttitle="Ichimoku", overlay=true) conversionPeriods = input(9, minval=1), basePeriods = input(26, minval=1) laggingSpan2Periods = input(52, minval=1) EMAno1 = input(21, minval=1) EMAno2 = input(144, minval=1) EMAno3 = input(377, minval=1) displacement = basePeriods donchian(len) => avg(lowest(len), highest(len)) conversionLine = donchian(conversionPeriods) baseLine = donchian(basePeriods) leadLine1 = avg(conversionLine, baseLine) leadLine2 = donchian(laggingSpan2Periods) plot(conversionLine, color=red, title="Conversion Line") plot(baseLine, color=blue, title="Base Line") plot(close, offset = -displacement, color=green, title="Lagging Span") p1 = plot(leadLine1, offset = displacement, color=green, title="Lead 1") p2 = plot(leadLine2, offset = displacement, color=red, title="Lead 2") ema1=ema(close,EMAno1) ema2=ema(close,EMAno2) ema3=ema(close,EMAno3) //sell signals signal1 = baseLine > conversionLine signal2 = close <= ema1 signal2a = close <= ema2 signal2b = close <= ema3 bottomcloud=leadLine2[displacement-1] uppercloud=leadLine1[displacement-1] signal3 = closebottomcloud[1] signal3b = bottomcloud uppercloud[1] signal3bx = bottomcloud>uppercloud plotchar(signal1 and signal2 and signal2a and signal2b and signal3x and signal3ax and signal3bx and signal4, char='S', color=red, location=location.abovebar) /// buy signals nsignal1 = baseLine < conversionLine nsignal2 = close >= ema1 nsignal2a = close >= ema2 nsignal2b = close >= ema3 nsignal3 = close>uppercloud nsignal3a = close[1] high[displacement] plotchar(nsignal1 and nsignal2 and nsignal2a and nsignal2b and nsignal3 and nsignal3a and signal3b and nsignal4, char='B', color=blue, location=location.belowbar) nsignal3x = close>uppercloud nsignal3ax = close[1]