diff --git a/tests/pipeline/test_technical.py b/tests/pipeline/test_technical.py
index 97734477..bcf233fc 100644
--- a/tests/pipeline/test_technical.py
+++ b/tests/pipeline/test_technical.py
@@ -13,7 +13,8 @@ from zipline.pipeline.term import AssetExists
 from zipline.pipeline.factors import (
     BollingerBands,
     Aroon,
-    FastStochasticOscillator
+    FastStochasticOscillator,
+    IchimokuKinkoHyo,
 )
 from zipline.testing import ExplodingObject, parameter_space
 from zipline.testing.fixtures import WithAssetFinder, ZiplineTestCase
@@ -237,3 +238,119 @@ class TestFastStochasticOscillator(WithTechnicalFactor, ZiplineTestCase):
         )
 
         assert_equal(out, expected_out_k)
+
+
+class IchimokuKinkoHyoTestCase(ZiplineTestCase):
+    def test_ichimoku_kinko_hyo(self):
+        window_length = 52
+        today = pd.Timestamp('2014', tz='utc')
+        nassets = 5
+        assets = pd.Index(np.arange(nassets))
+        days_col = np.arange(window_length)[:, np.newaxis]
+        highs = np.arange(nassets) + 2 + days_col
+        closes = np.arange(nassets) + 1 + days_col
+        lows = np.arange(nassets) + days_col
+
+        tenkan_sen_length = 9
+        kijun_sen_length = 26
+        chikou_span_length = 26
+        ichimoku_kinko_hyo = IchimokuKinkoHyo(
+            window_length=window_length,
+            tenkan_sen_length=tenkan_sen_length,
+            kijun_sen_length=kijun_sen_length,
+            chikou_span_length=chikou_span_length,
+        )
+
+        dtype = [
+            ('tenkan_sen', 'f8'),
+            ('kijun_sen', 'f8'),
+            ('senkou_span_a', 'f8'),
+            ('senkou_span_b', 'f8'),
+            ('chikou_span', 'f8'),
+        ]
+        out = np.recarray(
+            shape=(nassets,),
+            dtype=dtype,
+            buf=np.empty(shape=(nassets,), dtype=dtype),
+        )
+        ichimoku_kinko_hyo.compute(
+            today,
+            assets,
+            out,
+            highs,
+            lows,
+            closes,
+            tenkan_sen_length,
+            kijun_sen_length,
+            chikou_span_length,
+        )
+
+        expected_tenkan_sen = np.array([
+            (53 + 43) / 2,
+            (54 + 44) / 2,
+            (55 + 45) / 2,
+            (56 + 46) / 2,
+            (57 + 47) / 2,
+        ])
+        expected_kijun_sen = np.array([
+            (53 + 26) / 2,
+            (54 + 27) / 2,
+            (55 + 28) / 2,
+            (56 + 29) / 2,
+            (57 + 30) / 2,
+        ])
+        expected_senkou_span_a = (expected_tenkan_sen + expected_kijun_sen) / 2
+        expected_senkou_span_b = np.array([
+            (53 + 0) / 2,
+            (54 + 1) / 2,
+            (55 + 2) / 2,
+            (56 + 3) / 2,
+            (57 + 4) / 2,
+        ])
+        expected_chikou_span = np.array([
+            27.0,
+            28.0,
+            29.0,
+            30.0,
+            31.0,
+        ])
+
+        assert_equal(
+            out.tenkan_sen,
+            expected_tenkan_sen,
+            msg='tenkan_sen',
+        )
+        assert_equal(
+            out.kijun_sen,
+            expected_kijun_sen,
+            msg='kijun_sen',
+        )
+        assert_equal(
+            out.senkou_span_a,
+            expected_senkou_span_a,
+            msg='senkou_span_a',
+        )
+        assert_equal(
+            out.senkou_span_b,
+            expected_senkou_span_b,
+            msg='senkou_span_b',
+        )
+        assert_equal(
+            out.chikou_span,
+            expected_chikou_span,
+            msg='chikou_span',
+        )
+
+    @parameter_space(
+        arg={'tenkan_sen_length', 'kijun_sen_length', 'chikou_span_length'},
+    )
+    def test_input_validation(self, arg):
+        window_length = 52
+
+        with self.assertRaises(ValueError) as e:
+            IchimokuKinkoHyo(**{arg: window_length + 1})
+
+        assert_equal(
+            str(e.exception),
+            '%s must be <= the window_length: 53 > 52' % arg,
+        )
diff --git a/tests/pipeline/test_term.py b/tests/pipeline/test_term.py
index eb97964e..0cda474d 100644
--- a/tests/pipeline/test_term.py
+++ b/tests/pipeline/test_term.py
@@ -5,6 +5,8 @@ from collections import Counter
 from itertools import product
 from unittest import TestCase
 
+from toolz import assoc
+
 from zipline.assets import Asset
 from zipline.errors import (
     DTypeNotSpecified,
@@ -31,7 +33,12 @@ from zipline.pipeline.factors import RecarrayField
 from zipline.pipeline.sentinels import NotSpecified
 from zipline.pipeline.term import AssetExists, Slice
 from zipline.testing import parameter_space
-from zipline.testing.predicates import assert_equal, assert_raises
+from zipline.testing.predicates import (
+    assert_equal,
+    assert_raises,
+    assert_raises_regex,
+    assert_regex,
+)
 from zipline.utils.numpy_utils import (
     bool_dtype,
     categorical_dtype,
@@ -433,10 +440,50 @@ class ObjectIdentityTestCase(TestCase):
 
         with assert_raises(TypeError) as e:
             self.SomeFactorParameterized(a=[], b=[])
-        assert_equal(
+        assert_regex(
             str(e.exception),
-            "SomeFactorParameterized expected a hashable value for parameter"
-            " 'a', but got [] instead.",
+            r"SomeFactorParameterized expected a hashable value for parameter"
+            r" '(a|b)', but got \[\] instead\.",
+        )
+
+    def test_parameterized_term_default_value(self):
+        defaults = {'a': 'default for a', 'b': 'default for b'}
+
+        class F(Factor):
+            params = defaults
+
+            inputs = (SomeDataSet.foo,)
+            dtype = 'f8'
+            window_length = 5
+
+        assert_equal(F().params, defaults)
+        assert_equal(F(a='new a').params, assoc(defaults, 'a', 'new a'))
+        assert_equal(F(b='new b').params, assoc(defaults, 'b', 'new b'))
+        assert_equal(
+            F(a='new a', b='new b').params,
+            {'a': 'new a', 'b': 'new b'},
+        )
+
+    def test_parameterized_term_default_value_with_not_specified(self):
+        defaults = {'a': 'default for a', 'b': NotSpecified}
+
+        class F(Factor):
+            params = defaults
+
+            inputs = (SomeDataSet.foo,)
+            dtype = 'f8'
+            window_length = 5
+
+        pattern = r"F expected a keyword parameter 'b'\."
+        with assert_raises_regex(TypeError, pattern):
+            F()
+        with assert_raises_regex(TypeError, pattern):
+            F(a='new a')
+
+        assert_equal(F(b='new b').params, assoc(defaults, 'b', 'new b'))
+        assert_equal(
+            F(a='new a', b='new b').params,
+            {'a': 'new a', 'b': 'new b'},
         )
 
     def test_bad_input(self):
diff --git a/zipline/assets/symbol_rules.py b/zipline/assets/symbol_rules.py
new file mode 100644
index 00000000..6a7fe0fc
--- /dev/null
+++ b/zipline/assets/symbol_rules.py
@@ -0,0 +1,13 @@
+import re
+
+
+_symbol_delimiter_regex = re.compile(r'[./\-_]')
+
+
+def split_nasdaq(symbol):
+    sym = re.replace(_symbol_delimiter_regex, '', symbol)
+    return sym[:4], sym[4:]
+
+
+def split_nyse(symbol):
+    return re.split(_symbol_delimiter_regex, symbol, maxsplit=1)
diff --git a/zipline/pipeline/factors/__init__.py b/zipline/pipeline/factors/__init__.py
index 481219b3..e32dac95 100644
--- a/zipline/pipeline/factors/__init__.py
+++ b/zipline/pipeline/factors/__init__.py
@@ -22,6 +22,7 @@ from .technical import (
     ExponentialWeightedMovingAverage,
     ExponentialWeightedMovingStdDev,
     FastStochasticOscillator,
+    IchimokuKinkoHyo,
     MaxDrawdown,
     Returns,
     RSI,
@@ -43,6 +44,7 @@ __all__ = [
     'ExponentialWeightedMovingStdDev',
     'Factor',
     'FastStochasticOscillator',
+    'IchimokuKinkoHyo',
     'Latest',
     'MaxDrawdown',
     'RecarrayField',
diff --git a/zipline/pipeline/factors/technical.py b/zipline/pipeline/factors/technical.py
index c7e26efe..8344130a 100644
--- a/zipline/pipeline/factors/technical.py
+++ b/zipline/pipeline/factors/technical.py
@@ -445,8 +445,7 @@ class BollingerBands(CustomFactor):
 class Aroon(CustomFactor):
     """
     Aroon technical indicator.
-    https://www.fidelity.com/learning-center/trading-investing/technical
-    -analysis/technical-indicator-guide/aroon-indicator
+    https://www.fidelity.com/learning-center/trading-investing/technical-analysis/technical-indicator-guide/aroon-indicator  # noqa
 
     **Defaults Inputs:** USEquityPricing.low, USEquityPricing.high
 
@@ -521,3 +520,73 @@ class FastStochasticOscillator(CustomFactor):
             global_dict={},
             out=out,
         )
+
+
+class IchimokuKinkoHyo(CustomFactor):
+    """Compute the various metrics for the Ichimoku Kinko Hyo (Ichimoku Cloud).
+    http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:ichimoku_cloud  # noqa
+
+    **Default Inputs:** :data:`zipline.pipeline.data.USEquityPricing.high`
+                        :data:`zipline.pipeline.data.USEquityPricing.low`
+                        :data:`zipline.pipeline.data.USEquityPricing.close`
+    **Default Window Length:** 52
+
+    Parameters
+    ----------
+    window_length : int > 0
+        The length the the window for the senkou span b.
+    tenkan_sen_length : int >= 0, <= window_length
+        The length of the window for the tenkan-sen.
+    kijun_sen_length : int >= 0, <= window_length
+        The length of the window for the kijou-sen.
+    chikou_span_length : int >= 0, <= window_length
+        The lag for the chikou span.
+    """
+
+    params = {
+        'tenkan_sen_length': 9,
+        'kijun_sen_length': 26,
+        'chikou_span_length': 26,
+    }
+    inputs = USEquityPricing.high, USEquityPricing.close
+    outputs = (
+        'tenkan_sen',
+        'kijun_sen',
+        'senkou_span_a',
+        'senkou_span_b',
+        'chikou_span',
+    )
+    window_length = 52
+
+    def _validate(self):
+        super(IchimokuKinkoHyo, self)._validate()
+        for k, v in self.params.items():
+            if v > self.window_length:
+                raise ValueError(
+                    '%s must be <= the window_length: %s > %s' % (
+                        k, v, self.window_length,
+                    ),
+                )
+
+    def compute(self,
+                today,
+                assets,
+                out,
+                high,
+                low,
+                close,
+                tenkan_sen_length,
+                kijun_sen_length,
+                chikou_span_length):
+
+        out.tenkan_sen = tenkan_sen = (
+            high[-tenkan_sen_length:].max(axis=0) +
+            low[-tenkan_sen_length:].min(axis=0)
+        ) / 2
+        out.kijun_sen = kijun_sen = (
+            high[-kijun_sen_length:].max(axis=0) +
+            low[-kijun_sen_length:].min(axis=0)
+        ) / 2
+        out.senkou_span_a = (tenkan_sen + kijun_sen) / 2
+        out.senkou_span_b = (high.max(axis=0) + low.min(axis=0)) / 2
+        out.chikou_span = close[chikou_span_length]
diff --git a/zipline/pipeline/term.py b/zipline/pipeline/term.py
index 563a0c81..4671daed 100644
--- a/zipline/pipeline/term.py
+++ b/zipline/pipeline/term.py
@@ -3,6 +3,7 @@ Base class for Filters, Factors and Classifiers
 """
 from abc import ABCMeta, abstractproperty
 from bisect import insort
+from collections import Mapping
 from weakref import WeakValueDictionary
 
 from numpy import (
@@ -146,10 +147,16 @@ class Term(with_metaclass(ABCMeta, object)):
         TypeError
             Raised if any parameter values are not passed or not hashable.
         """
+        params = cls.params
+        if not isinstance(params, Mapping):
+            params = {k: NotSpecified for k in params}
         param_values = []
-        for key in cls.params:
+        for key, default_value in params.items():
             try:
-                value = kwargs.pop(key)
+                value = kwargs.pop(key, default_value)
+                if value is NotSpecified:
+                    raise KeyError(key)
+
                 # Check here that the value is hashable so that we fail here
                 # instead of trying to hash the param values tuple later.
                 hash(value)
@@ -171,8 +178,8 @@ class Term(with_metaclass(ABCMeta, object)):
                     )
                 )
 
-            param_values.append(value)
-        return tuple(zip(cls.params, param_values))
+            param_values.append((key, value))
+        return tuple(param_values)
 
     def __init__(self, *args, **kwargs):
         """
diff --git a/zipline/testing/predicates.py b/zipline/testing/predicates.py
index b25167c3..e2f4078b 100644
--- a/zipline/testing/predicates.py
+++ b/zipline/testing/predicates.py
@@ -1,6 +1,8 @@
+from contextlib import contextmanager
 import datetime
 from functools import partial
 import inspect
+import re
 
 from nose.tools import (  # noqa
     assert_almost_equal,
@@ -205,6 +207,47 @@ def assert_is_subclass(subcls, cls, msg=''):
     )
 
 
+def assert_regex(result, expected, msg=''):
+    """Assert that ``expected`` matches the result.
+
+    Parameters
+    ----------
+    result : str
+        The string to search.
+    expected : str or compiled regex
+        The pattern to search for in ``result``.
+    msg : str, optional
+        An extra assertion message to print if this fails.
+    """
+    assert re.search(expected, result), (
+        '%s%r not found in %r' % (_fmt_msg(msg), expected, result)
+    )
+
+
+@contextmanager
+def assert_raises_regex(exc, pattern, msg=''):
+    """Assert that some exception is raised in a context and that the message
+    matches some pattern.
+
+    Parameters
+    ----------
+    exc : type or tuple[type]
+        The exception type or types to expect.
+    pattern : str or compiled regex
+        The pattern to search for in the str of the raised exception.
+    msg : str, optional
+        An extra assertion message to print if this fails.
+    """
+    try:
+        yield
+    except exc as e:
+        assert re.search(pattern, str(e)), (
+            '%s%r not found in %r' % (_fmt_msg(msg), pattern, str(e))
+        )
+    else:
+        raise AssertionError('%s%s was not raised' % (_fmt_msg(msg), exc))
+
+
 @dispatch(object, object)
 def assert_equal(result, expected, path=(), msg='', **kwargs):
     """Assert that two objects are equal using the ``==`` operator.