Step Chart of Average CCI - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

CCI (Commodity Channel Index) is a well-known and widely used indicator. Some filtering methods are sometimes used in combination in order to avoid some false signal conditions that CCI may produce in certain markets. This is another version that will try to solve the problem of using two filters on this version of CCI

This version uses the step diagram as a filter to reduce the signal generated by the CCI (if possible) for easier and safer use. The step size will be entered as your desired CCI units to be used as a filter for the smallest CCI change that should be considered a significant change. It can also use average values ​​for price filtering before being used in CCI calculations. This way, CCI can be "double filtered" (filtering the price before using it in the CCI calculation and then using the step chart filter on the calculated CCI result). Averages available in this version:

You can use the color change of the step bar as a signal

PS: If you use an averaging period less than or equal to 1 (one), there is no price filtering. Here is a comparison of the two models: the upper one uses the period 14 SMA, the lower one does not use price filtering

Attachment download

📎 step_chart_-_cci_of_averages.mq5 (17.96 KB)

Source: MQL5 #22318