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Greetings
I have an obscure question related to charts that look ahead and
also perform lookbacks, and I am specifically looking at the
Japaneese Ichimoku Chart (Amibroker has the chart formula on file).
What if the following happens ?
1 - Part of the Ichimoku chart performs a 26 period look ahead and
also a lookback.
2 - What if there is a signal generated, then the price goes against
the chart, then the signal that was generated one day and shows up
on the chart, is then not on the chart a few days later after the
price goes the other way (i.e the look ahead and lookback did not
work out as it should have and the signal is no longer there)
DOES ANYONE USE THIS CHART AND HAVE ANY OPINIONS ON CHARTS THAT
SHIFT AHEAD AND PERFORM LOOKBACKS ? IS IT A CRAP SHOOT WITH CHARTS
THAT ATTEMPT TO LOOK AHEAD - ALL THOUGHTS ARE APPRECIATED
THANKS - OHIO NOVICE
Here is the description for all to read from Amibroker :
Ichimoku charts - yet another Japanese charting technique is
enjoying new wave of popularity. Just a few months ago, in the
October 2000 issue of Technical Analysis of Stocks and Commodities
(TASC) magazine an article covering this charting method was
presented. I will not dig into details - they are described fairly
enough in the TASC magazine - instead I am going to focus on AFL
implementation, but a bit of introduction is needed:
"Literally, ichimoku means 'one look'; a chart of this style is
referred to as [...] the table of equilibrium prices at a glance.
[..] All the computations involved no more than taking midpoints of
historical highs and lows in various ways. Nevertheless, the
completed chart presents a panoramic view of price movement"
OK. This sounds a little bit complicated, but in fact the whole
algorithm is not difficult at all. An ichimoku chart consists of:
the standard line calculated as one half of the sum of highest high
and lowest low price over past 26 days
the turning line calculated as one half of the sum of highest high
and lowest low price over past 9 days
the delayed line which is close price shifted 25 days prior to today
the first preceding span line which is calculated as the average of
standard line and turning line and then shifted 25 days ahead of
today
the second preceding span line which is calculated as the average of
highest high and lowest low prices over past 52 days and then
shifted 26 days ahead of today
Implementing above rules in AFL gives the following formula:
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