Some find Ichimoku Clouds bit complicated. This simplified version is combined with EMA Bands may be profitable. Give a try!. I recommend hourly timeframe for good results. Aye! :D
study(title="Ichimoku EMA Bands", shorttitle="IchiEMA", overlay=true) ATRlength = input(200, minval=1) ATRMult = input(2.272, minval=1) ATR = rma(tr(true), ATRlength) len = input(26, minval=1, title="EMA Length") src = input(close, title="Source") out = ema(src, len) plot(out, title="EMA", color=orange,transp=85) emaup = out+(ATR*ATRMult) emadw = out-(ATR*ATRMult) plot(emaup, title="EMAUP", color=red) plot(emadw, title="EMADW", color=green) conversionPeriods = input(5, minval=1), basePeriods = input(26, minval=1) laggingSpan2Periods = input(52, minval=1), displacement = input(26, minval=1) donchian(len) => avg(lowest(len), highest(len)) conversionLine = donchian(conversionPeriods) baseLine = donchian(basePeriods) leadLine1 = avg(conversionLine, baseLine) leadLine2 = donchian(laggingSpan2Periods) kjuncol = conversionLine > baseLine ? blue : conversionLine < baseLine ? red : orange plot(conversionLine, color=red, title="Conversion Line") plot(baseLine, color=kjuncol,linewidth=2,transp=5, title="Base Line") p1 = plot(leadLine1, offset = displacement, color=green,transp=85, title="Lead 1") p2 = plot(leadLine2, offset = displacement, color=red,transp=85, title="Lead 2") fill(p1, p2,silver)