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Disclaimer

Options involve risk and are not suitable for all investors. Prior to buying or selling an
option, a person must receive a copy of Characteristics and Risks of Standardized
Options. Copies are available from your broker, by calling 1-888-OPTIONS, or at
www.theocc.com. The information in this presentation is provided solely for general
education and information purposes. No statement within this presentation should be
construed as a recommendation to buy or sell a security or future or to provide
investment advice. Any strategies discussed, including examples using actual securities
and price data, are strictly for illustrative and educational purposes only. In order to
simplify the computations, commissions, fees, margin interest and taxes have not
been included in the examples used in this presentation. Such costs will impact the
outcome of the transactions and should be considered. Investors should consult their
tax advisor as to how taxes may affect the outcome of contemplated
transactions. Past performance does not guarantee future results. Supporting
documentation for any claims, comparisons, statistics or other technical data in this
presentation is available by contacting Andrew Keene. The views of third party
speakers and their materials are their own and do not necessarily represent the views
of Chicago Board Options Exchange, Incorporated (CBOE). CBOE is not affiliated with
Andrew Keene or optionsonthefloor.com. This presentation should not be construed
as an endorsement or an indication by CBOE of the value of any non-CBOE product or
service described in this presentation.

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What is the Ichimoku Cloud?
The Ichimoku cloud is a technical analysis method that uses the past,
present, and future to help traders identify at a single glance if a
security is in bullish or bearish territory.

Ichimoku Kinko Hyo actually translates to “One Glance Equilibrium


Chart”

The cloud is made up of 6 key components, each of which we will


examine individually. When combined, these
components construct the Ichimoku Cloud.

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Trading Using the Ichimoku Cloud

• What is the Ichimoku Cloud?

• The different components of the cloud

• Using the cloud as levels of support and resistance

• The cloud and trend

• Using the cloud for options

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AAPL Daily
So Why Use the Cloud?
• The cloud is my favorite indicator because it is forward looking
unlike moving averages, fib levels or other popular technical
analysis methods.

• The cloud takes into account more data than simple or


exponential moving averages do.

• This gives us clearer levels of support


and resistance for setting profit targets
or stops.

• The cloud can be a tool to any trader


trading ANY plan on any product.
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What Makes the Cloud Different?

• The cloud is one of the only indicators that is past and


forward looking.

• Averages are calculated in real time and are plotted on


both current price and 26 periods in advance.

• The cloud is applicable to ANY security.

• The cloud is not as widely used as many other more


popular indicators.

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The Cloud for Options Traders

The cloud for options traders: As options traders we find the cloud to be one
of the most useful indicators around. We apply the Ichimoku Cloud to all of
our trading plans. Using the cloud helps steer us away from false signals and
helps keep us in the best trade set ups.

These are only a few examples of applications of the cloud.


We believe that using the Ichimoku Cloud can benefit
any trader regardless of the experience with technical
analysis. The cloud is one of the easiest indicators to
read and apply in a trading plan and is an excellent
tool for traders of any skill level.

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Cloud Thickness
In general we say that the thicker the cloud is the more difficult a sustained break of the cloud is
going to be. A thicker cloud is also considered to be a sign that trend is less likely to reverse in the
future. A thinner cloud could signal a reversal is coming. Since it is more difficult to break out of a
thick cloud it is considered a stronger break. The thickness of the cloud however means that the
amount of risk a trader takes is going to have to be larger.

We can see here that the test of the top of the cloud
produced several false signals where the cloud was
thin.

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Keene’s Approach:Ichimoku Cloud
Since the cloud originated in Japan there is very little literature pertaining to its use originally
written in English. It is because of this there is so much debate among practitioners on how to
use the cloud.

Some of the factors that practitioners debate over are:


• Importance of cloud thickness.
• Which line is forming the top/bottom of the cloud.
• Space between the current price and the cloud.
• Importance of the lagging indicator.
• Different moving average periods.

Our views on how to use the cloud are formed from practical experience and a
lot of real world testing. We believe that we use the cloud in the best possible
application for our trading plans.

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SUMMARY
• The Ichimoku cloud is a technical analysis method that uses forward looking
moving averages to help traders identify at a single glance if a security is in bullish
or bearish territory.

• The cloud is made up of 6 key components.

• The cloud works best in trending markets. The cloud will not produce good
signals in markets that are in periods of consolidation or sideways action.

• The cloud will work best on different time scales depending on the security. Faster
time scales will produce more traps in some assets while providing good signals in
others.

• The cloud is best used as an indicator of key zones of support or resistance.

• The slope and thickness of the cloud can help indicate the strength of trends.

• The simplicity of the cloud allows for the quick and easy analysis of any chart in
any stock, ETF, future, or index. 28