Ohnishi Bands System
Ohnishi Bands System consists of a center line, bands, arrow signals and quasi Ichimoku Kinko Hyo. The values of a center line are calculated by the unique algorithm. Let us call this center line "Representative Line" or "Ohnishi Line", and write simply "R-Line".
R-Line keeps a central position of recent prices. We know that a short-term Moving Average is often noisy, and a long-term Moving Average is sometimes at a distance from the real price. R-Line is a moderate solution to each of the problems.
- Suppose that there is a bullish trend when the R-Line is sky-blue.
- Suppose that there is a bearish trend when the R-Line is red.
- You should wait when the R-Line is yellow.
Let us call the bands of this indicator "Ohnishi Bands". The width of Ohnishi Bands is based on Average True Range ATR and sample standard deviations. They can be used to find overbought or oversold situations in a boxed range. Or, they help you to prepare Breakout trading when some economic indicators are published, etc.
Quasi-Ichimoku Kinko Hyo is used in the same way as original Ichimoku Kinko Hyo. It contains Tenkan-sen, Kijun-sen, Chikou-span and Cloud (Kumo).
Ohnishi Bands System gives some arrow signals.
- Slim arrows appear if the color of R-Line has turned.
- Wide arrows appear if a Golden or Dead Cross of R-line and Chikou span occurs.
It is often a nice timing to take a position. Generally arrows are not repainted. However, there is some possibility if chart's symbol or period has been changed.
Note that MN1 timeframe is not supported. You need to change option settings: Tools -> Options -> Charts. Set the values of "Max bars in history" and "Max bars in chart" to less than or equal to 100 000.
Thank you for your time and good luck!