Summary This indicator shows CCI of the current timeframe and another CCI from upper timeframe as MTF CCI with ability to show signals and set alerts when crossing upper/bottom bands.
For general use of CCI, please refer to the link below(by TradingView)
How is it different from other MTF CCI indicators? Problems with other MTF CCI indicators are;
-If you set higher timeframe CCI(MTF CCI), it will also be shown on further higher time frames. i.e. If you set 4hour chart’s CCI on 1 hour or lower time frame charts, it will also appear on daily and weekly chart, which is not necessary.
To tackle these problems, this indicator has incorporated functions below. -To be able to control timeframes where MTF CCI is displayed to eliminate unnecessary information when you open higher time frame’s charts. For example, if you select daily timeframe for MTF CCI, the CCI will be shown only on 4 hour or lower timeframes.
These are the values added on this indicator.
Specifications -This indicator shows one CCI from the current timeframe and another CCI from another timeframe(MTF). -For MTF CCI, you can select upper timeframe from monthly, weekly, daily, 4hour, 1hour, 30mins, 15mins, 5mins. Again, if you select weekly for MTF, for instance, then MTF CCI will be displayed on daily or lower timeframes. Other timeframes work same. -For both CCI(current timeframe) and CCI(MTF), signals will be shown when they cross over/under upper band and lower band, which you can control display on style tab of the indicator. -Alert can be set same as signal conditions.
Please see the sample chart below.
Brown triangle is signal for CCI(current timeframe) and maroon signal is for MTF CCI.
Added auto divergence drawing function for regular divergence and hidden divergence.
The logic is as follows.
<Regular divergence> Bearish : When two consecutive pivot highs go up but CCI values corresponding to each high go down. Bullish: When two consecutive pivot lows go down but CCI values corresponding to each low go up. Pivot highs(lows) are identified when those are preceded by 3 lower highs(lows) and proceeded by 3 lower highs(lows).
<Hidden divergence> Bearish : When two consecutive pivot highs go down but CCI values corresponding to each highs go up. Bullish : When two consecutive pivot lows go up but CCI values corresponding to each low go down.
Needless to say, entering a trade with divergence signal does not make sense. Divergence is one of factors for traders to analyze trading environment.
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