Signal 1 - Chikou crossing Kijun - The indicator will place an arrow in the direction of the trade that is suggested by this signal.
Signal 2 - Heikin Ashi Candle closing above the Kumo - This seems to filter out a lot of bad signal versus basing the signal on price closing above the Kumo alone.
Signal 3 - Price crossing the Kijun Sen in relation to the Kumo - This signal has received the most work - It generates a signal in the suggested direction of the particular condition being met i.e. price crosses below the Kijun indicates a sell and vice versa, but it also factors in where the cross happens in relation to the Kumo cloud. These signals can be switched on or off based on weak(longs below the cloud or shorts above the cloud), neutral (long or short when inside the cloud) or strong (long above the cloud or short below the cloud).
Examples of each of the different Signal 3 indicators can be seen in the screenshot. Pale/white signals are weak, yellow are neutral & green/red are strong.
Further features (only available on Signal 3 at present: entry, stop loss and take profit levels. These are determined based on the ATR periods setting and ATR Multiplier for Stop Loss - specifying an ATR period of 10 and multiplier of 2 will result in stop loss signal being shown as 2xATR(10) above or below the entry based on whether you are shown a long or short signal. For Take Profits you can specify a Risk:Reward multiplier. By default this is set to 2:1 (or 2). This takes the distance from the stop market to the entry and multiplies it by the multiplier and then indicates a signal where you "could" exit. For the risk averse trader that want some instant gratification when they hit 1:1, the indicator will show you exactly where 1:1 is. You can then follow whatever risk management strategy you wish to - personally I find this a point at which I breakeven my stop and take half the profits (now I can't lose!) :)
The indicator follows some basic trading rules - not all signals will result in a winning trade (this is NOT the holy grail and doesn't claim to be) - you should always follow you own risk management strategy. You should also couple this with additional analysis to try to qualify the entry signal i.e. "does this signal and direction correlate with what the higher timeframes are telling me?".
One last feature I added - mores for psychological reasons was to only show signals for the time window I would actually be trading. I hate seeing that I missed a signal when I wasn't online - and this doesn't set me up mentally for trading well. So if there was an opportunity when I would not be trading - it is matter under the bridge! It is gone and I don't want to see it as I would not have been there to take it. This trading window can be specified using the start and end times - the setting mentions EST - however you should relate them to the exchange time for the provider of the price feed - some providers may use a different timezone to others i.e. UTC vs EST.
Wish you the best of luck!
Please provide any constructive feedback as I would love to feature further enhancements to this indicator if it helps users.