CCI variation - indicator for MetaTrader 5

Theory:

The commodity channel index (CCI) is an oscillator originally introduced by Donald Lambert in 1980. It is calculated as:

(price - average) / (0.015 * mean absolute deviation)

This version:

In this version we are adding (changing) the following:

• option to change the mean absolute deviation to:
• standard deviation
• ATR (average true range)
• option to chose to smooth the value of such a "CCI"
• option to change color on zero crosses or on slope direction change
  

What is the same as in regular CCI (if smoothing is not used):

- the crosses of the zero line will always be exactly the same as in regular CCI (regardless if you use ATR or standard deviation for calculation)

What is different :

- levels are not going to be the same (that will eventually need adjustments if you are used to use levels when using CCI for trading decisions)

- slope of the CCI is not going to be the same

Usage:

You can use the color changes for signals.