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Ichimoku Charts

Formula for: MetaStock

Views: 2418

Added: June 28, 2007

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The article "Ichimoku Charts" by Ken Muranakain this issue introduces five formulas to construct an ichimoku chart. This type of chart can be easily recreated in MetaStock 6.52 or higher. Select Indicator Builder from the Tools menu, select New, and enter the following formula.

Next, locate the ichimoku chart indicator in MetaStock's indicator builder.
-- Cheryl C. Abram, Equis International, Inc.

--------------------------------------------------------------------------------

"Ichimoku" indicator
To: MetaStock ML <metastock-list@xxxxxxxxxxxxx>
Subject: "Ichimoku" indicator
From: Jiro Kato <paruparo@xxxxxxxxxxxxxxxxx>
Date: Fri, 9 Jan 1998 20:02:48 +0900 (JST)
Resent-Date: Fri, 9 Jan 1998 04:14:04 -0700
Resent-From: metastock-list@xxxxxxxxxxxxx
Resent-Message-ID: <"b8Zu01.0.RS5.xPWjq"@mail.equis.com>
Resent-Sender: metastock-list-request@xxxxxxxxxxxxx

Steve and Harley,
Thank you for your messages. I could write "ichimoku" indicator.
"Ichimoku" has five lines and because color-line property of each line should be different, I could not handle it as one indicator. If you want to try it, you'll make five indicator, with the following property, for example.

1 base_upper:(red)
(HHV(HIGH , 9) + LLV(LOW , 9)) /2;
2 base_bottom:(red, break line)
(HHV(HIGH , 26) + LLV(LOW , 26)) /2;
3 futurespan_upper:(darkgreen)
Ref(((HHV(HIGH ,52 )/2+LLV(LOW, 52)/2)),-26);
4 futurespan_bottom:(darkgreen, break line)
Ref(((HHV(HIGH ,52 )/2+LLV(LOW, 52)/2)),-26);
5 previous_span:(magenta)
Ref(CLOSE , 26) ;

You can compare this indicator with a genuine "ichimoku" chart on the web, for example,
http://plaza4.mbn.or.jp/~skoike/top_eng.htm

Questions again:-
You will see on the web plotting for some 26 future days is needed, but I don't know how to do it with MetaStock.

Another thing I want to do is to draw lines between futurespan_upper point to futurespan_bottom point. How can I do it by MetaStock?

Remark:-
Next target will be "three legs chart", another popular chart for Japanese.

Regards,
Jiro Kato
(paruparo:tk.usen-net.or.jp)

Code:

Ichimoku Chart

ST:=(HHV(H,26)+LLV(L,26))/2;
TL:=(HHV(H,9)+LLV(L,9))/2;
DL:=Ref(C,+25);
1Span:=Ref((ST+TL)/2,-25);
2Span:=Ref((HHV(H,52)+LLV(L,52))/2,-25);

ST;
TL;
DL;
1Span;
2Span

Author: Ken Muranaka
Source: http://www.traders.com

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