Chikou

Library "Chikou"
This library contains Chikou Filter function to enhances functionality of Chikou-Span from Ichimoku Cloud using a simple trend filter.
Chikou is basically close value of ticker offset to close and it is a good for indicating if close value has crossed potential Support/Resistance zone from past. Chikou is usually used with 26 period.
Chikou filter uses a lookback length calculated from provided lookback percentage and checks if trend was bullish or bearish within that lookback period.
Bullish : Trend is bullish if Chikou span is above high values of all candles within defined lookback period. Bull color shows bullish trend .
Bearish: Trend is bearish if Chikou span is below low values of all candles within defined lookback period. This is indicated by Bearish color.
Reversal / Choppiness : Reversal color indicates that Chikou are swinging around candles within defined lookback period which is an indication of consolidation or trend reversal.

chikou(src, len, perc, _high, _low, bull_col, bear_col, r_col) Chikou Filter for Ichimoku Cloud with Color and Signal Output
  Parameters:
    src: Price Source (better to use (OHLC4+high+low/3 instead of default close value)
    len: Chikou Legth (displaced source value)
    perc: Percentage lookback period for Chikou Filter with defined how much candels of total length should be considered for backward filteration
    _high: Ticker High Value
    _low: Ticker Low Value
    bull_col: Color to be returned if source value is greater than all candels within provided lookback percentage.
    bear_col: Color to be returned if source value is lower than all candels within provided lookback percentage.
    r_col: Color to be returned if source value is swinging around candles within defined lookback period which is an indication of consolidation or trend reversal.
  Returns: Color based on trend. 'bull_col' if trend is bullish, 'bear_col' if trend is bearish. 'r_col' if no prominent trend. Integer Signal is also returned as 1 for Bullish, -1 for Bearish and 0 for no prominent trend.

Note di rilascio:

v2 : Updated and simplified function using ta.highest and ta.lowest

Note di rilascio:

v3

Updated: Erased lookback percentage and let the function work only based on Chikou (displaced Source) length with same results as before