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| Group: Tradestation Indicators |
| Title: Ichimoku Charts by Ken Muranaka |
| Description: In this issue's article "Ichimoku Charts," Ken Muranaka reviews a classic Japanese charting technique. In EasyLanguage, I have created two indicators to represent the ichimoku lines used in Muranaka's article. The indicators are named Ichimoku - Lines and Ichimoku - Cloud.
The Ichimoku - Lines indicator in EasyLanguage includes some additional logic that allows users to visually factor in the delayed line to make historical analysis easier. In addition, it can help to reduce the clutter on the chart from so many lines being drawn. In the article, Muranaka states that the "market has improved when the delayed line is above the closing prices at that past date." Thus, for this indicator, when the delayed line is above the closing prices at the past date, the turning line will be blue. When the delayed line is below the closing prices at the past date, the turning line will be yellow (Figures 1 through 4). The color change is controlled by the DelayColor input. By including this logic, we eliminate the need to display the delayed line. If you prefer not to see any color changes in the turning line, you can simply set the DelayColor input to the same color as that which is assigned to the turning line in the Format dialog. You can choose to display the delayed line by setting the ShowDelayLine input to true. The color for the delayed line is set in the Format dialog.
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| Author/Source: http://www.traders.com
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