This indicator is a modified variant of the Commodity Channel Index (CCI).
The main difference of this indicator from its standard equivalent is the possibility to change the smoothing algorithm by selecting an appropriate one out of ten algorithms present:
It should be noted that Phase parameter has completely different meaning for different smoothing algorithms.
It is quite natural that some smoothing variants require some different interpretation of the indicator signals. Oversold/overbought levels are indicated in dynamically changing variant based on the Bollinger Bands ® to provide more accurate work with them.
The indicator uses SmoothAlgorithms.mqh library classes (must be placed to the terminal_data_folder\MQL5\Include). The use of the classes was thoroughly described in the article "Averaging Price Series for Intermediate Calculations Without Using Additional Buffers".
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/489
Relative strength index with dynamically changing oversold/overbought levels and the possibility to select smoothing algorithm.Stalin
Stalin is one of the so-called «signal» indicators, as it provides a trader with accurate market entry points.