OPEN-SOURCE SCRIPT
Kijun_ATR
OVERVIEW
Kijun + ATR is an indicator that combines Lagging Kijun Base Line From Ichimoku Cloud (direction indicator) and Volatility Indicator ATR.
By combining ATR with kijun we can filter out noise from Base Line.
CALCULATIONS
Kijun is calculated by taking average of lowest and highest point of price over set lenght.
ATR is just default Tradingview Indicator that calculates average true range of price over set period of time.
WORKING
When both close > lower and not close < upper are true indicator indicate long by color limeand indicates short when close < upper by color fuchsia (Color can be changed in settings)
Indicator works best in Trending Market Regimes can have problems by signaling tops in Consolidating Market Regimes during bear markets and by sygnaling bottom in short consolidating market regimes during bull market.
Kijun + ATR is an indicator that combines Lagging Kijun Base Line From Ichimoku Cloud (direction indicator) and Volatility Indicator ATR.
By combining ATR with kijun we can filter out noise from Base Line.
CALCULATIONS
Kijun is calculated by taking average of lowest and highest point of price over set lenght.
ATR is just default Tradingview Indicator that calculates average true range of price over set period of time.
WORKING
When both close > lower and not close < upper are true indicator indicate long by color limeand indicates short when close < upper by color fuchsia (Color can be changed in settings)
Indicator works best in Trending Market Regimes can have problems by signaling tops in Consolidating Market Regimes during bear markets and by sygnaling bottom in short consolidating market regimes during bull market.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.