Recursive CCI – indicator for MetaTrader 5
One more “experiment” using the CCI.
This indicator can calculate CCI of CCI of CCI of CCI … up to “level” 25.
level 1 (one) is used, it is the same as “regular” CCI. After that, CCI of CCI
is calculated and so on (each new step uses previous step cci value
instead of the price – it is calculating CCI of CCI instead of CCI of
price). Levels are limited to 25 purely for practical reasons (the CCI
becomes in-recognizable after some level, but it can easily be extended
in the code to calculate CCI to any (reasonable) level.
The rest of the usual
stuff is already included :
- floating levels
- or quantile levels.
smoothing/filtering – including the price smoothing methods. Coloring
choices and alerts. Multi time frame …
PS: higher levels of CCI recursion should be used with care. The recursive method is highly experimental and should be used as such – do not use it based on a first impression but please do the testing part thoroughly before any usage.