The default Ichimoku Cloud by TradingView is strange. The kumo is only displaced 25 periods forward, and the chikou is displaced 25 periods back. This is because TradingView had the correct value for displacement (26), but they decided to subtract this displacement by 1 when actually drawing the kumo and add 1 when drawing the chikou. This script fixes this and allows for easier customization of each line in the Ichimoku.
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The TradingView default Ichimoku has the correct displacement, so I have changed mine to match. However, I believe my Ichimoku script is much better for people who use alerts since you can specify crosses between any line. Also, if you want to have different displacements for the kumo versus the chikou-span, this is the Ichimoku to use.
How do I configure the measurement tool in tradingview for Senkou Span A & Chikou Span for 25 / 26 periods in the future & past
RickSimpson
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so are you meaning that the default calculation of Donchian Variable is not correct ?
fykemang
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@RickSimpson, Default calculation of Donchian is correct. I have corrected my script. However, my script is still better for people who use alerts or want more customizablility.
Bitman2019
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"This is because TradingView had the correct value for displacement (26), but they decided to subtract this displacement by 1 when actually drawing the kumo and add 1 when drawing the chikou. "
Do you think "displacement (26)" start with current candle , or start with the next candle?
I see another platform such as MT4 , MT5 start with the next candle while tradingview start with current candle .
Which one is right?
eouwe
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As you might know, Ichimoku takes current forming candlestick as 1 (for example, Senko span A and B are shifted 26 candles to the future INCLUDING current forming candlestick (Or, you can also say that they are shifted 25 candles to the future without taking current forming candlestick). And the same applies to Chiko span, and calculation of Kijun sen and Tenkan sen. The reason is that back when Goichi Hosoda was born, we took current forming day or current forming year as 1, not 0 in Japan. So for example, newborn baby would be 1 year old, not 0 year old (but not any more in Japan). But often times major trading platform takes current forming candlestick as 0 and counts back and forth, creating incorrect displacement for Ichimoku Kinko Hyo. So far Tradingview default indicator is the only correct one
Link77
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@eouweneel, Great explanation and information. Thank you for posting this.