The Commodity Channel Index (CCI) is a technical indicator that measures the strength of the momentum in the market.
When CCI is under -100 that indicates a strong downtrend and above +100 level a strong uptrend, above 0 level a bullish trend start and bellow 0 level bearish momentum.
Crossing back above -100 and bellow + 100 levels not means is a reversal of the trend, could be just a pullback or a bounce and continuation with the old trend.
That's why the CCI indicator is not good to be used as a self indicator for trades, you can use it with donchian channels or bollindger bands or some moving averages or anything else that helps to see clearly trend conditions.
The indicator default settings are length 14 and moving average of the CCI is 5, users can change the values according to their strategies.
The CCI Moving average and the CCI signal are both color coded as follow:
1. CCI and MA both red = > Bearish trend 2. CCI and MA both green = > Bullish trend 3. MA color turn yellow or the CCI turn blue that means a possible consolidation will be next or trend change.
4 type of Divergences are detected by the script Bullish, Bearish, Hidden Bullish and Hidden bearish divergences, users can setup alarms for them.
There are 13 alerts that users can setup akarms: Alert for Regular Bullish Divergence Alert for Hidden Bullish Divergence Alert for Regular Bearish Divergence Alert for Hidden Bearish Divergence Alert for CCI Back Above -100 Alert for CCI Back Bellow 100 Alert for CCI Extreme Overbought Alert for CCI Extreme Oversold Alert for trend change by CCI MA => Moving Average Color turned to yellow, that means sideways or possible trend change Alert for CCI Crossing Above CCI MA Alert for CCI Crossing Bellow CCI MA Alert for cci Crossing Above 0 Alert for CCI Crossing Bellow 0
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Instrucciones del autor
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