CCI Alternative - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
Developed by Donald Lambert and published in Commodities magazine in 1980, the Commodity Channel Index (CCI) is a versatile indicator that can be used to identify new trends or warn of extreme conditions. Lambert originally developed the CCI to identify cyclical changes in commodities, but the indicator can be successfully applied to indices, ETFs, stocks, and other securities.
Generally speaking, the CCI measures current price levels relative to the average price level over a given time period:
In this way, CCI can be used to identify overbought and oversold levels.
Normally CCI uses typical prices, but this version uses an interesting variation on typical prices: instead of using (high+low+close)/3, it uses (high+low+close)/3. This may seem like a small change, but it enhances extreme cases and makes CCI values more sensitive to sudden price changes
Attachment download
📎 cci_6alternative9.mq5 (5.79 KB)
Source: MQL5 #19942
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