Ichimoku

Trend and support or resistance: range midpoints at two speeds, plus a cloud drawn from earlier bars.

Ichimoku draws five lines. Tenkan and kijun are midpoints of the highest high and lowest low over 9 and 26 bars by default, not averages of closes. Senkou A averages them, and senkou B is a 52-bar midpoint; the two senkou lines form the cloud. The chikou output is simply the current close.

How to read it

All five lines sit on the candles. Tenkan is the fast line, kijun the slow one; when tenkan crosses above kijun the short-term range has moved up.
The cloud is the band between senkou A and senkou B. Price above it reads as uptrend, below as downtrend, inside as balance.
The cloud is drawn from earlier bars, so it can disagree with the last few candles. It shows where the range was, not where it is now.
Chikou repeats the close on the same bar, so the classic 'close versus price 26 bars ago' read does not apply here.

What it outputs

Tenkan: Midpoint of the highest high and lowest low over the tenkan window. The fastest of the five lines.
Kijun: The same midpoint over the slower kijun window. A baseline that price is read against.
Senkou A: Halfway between tenkan and kijun, drawn with a lag of displacement minus one bars. One edge of the cloud.
Senkou B: Midpoint over the senkou B window, drawn with the same lag. The other edge of the cloud.
Chikou (close): The current close, drawn on the same bar. Not moved back as on textbook charts, so it repeats the candles.

Settings

tenkan_window: Bars in the fast midpoint. Raising it smooths tenkan and makes it lag more; lowering it hugs the candles and turns often. Above the senkou B window, the whole indicator goes blank.
kijun_window: Bars in the slow midpoint. Raising it gives a slower baseline that moves less; lowering it tracks price closely. Above the senkou B window, the whole indicator goes blank.
senkou_b_window: Bars in the longer midpoint that sets the slower cloud edge. Raising it widens the look-back and moves senkou B away from price. It also caps the windows allowed for tenkan and kijun.
displacement: How far back the cloud is drawn from its calculation. Raising it makes the cloud lag price by more bars; lowering it brings the cloud close to the current candles.

Pitfalls

The cloud is shifted by displacement minus one bars, one less than the textbook shift. At default settings a cloud value on a bar was computed 25 bars earlier.
Defaults are daily-chart settings. On one-minute bars 9, 26 and 52 are under an hour of data, and the cloud lags by about 25 minutes.
The first 50 bars of data have no values, so the lines start blank. Kijun or tenkan above 52 with the default senkou B window blanks the whole indicator.