Since new mt4 allows more than 8 drawing buffers, here is a version that draws the yellow bar as a normal histogram, not as an object : cci_woodie_2.mq4
Double CCI with SMA
Could an alert be made please of the CCI when it crosses over or under a selected value?
If the CCI-55 was selected and the value entered on the alert was -107, and the current value was -90, the alert would notify if the value crosses under -108.
As in the illustration the value of the CCI histo of the low price is 107.4206.
When that CCI value is broken to the downside it will give the double benefit of
1. An exit signal for a long trade or
2. An entry signal if looking for a short.
IF THERE IS ANYTHING FURTHER REQUIRED to make this alert please let me know asap either by PM or on this thread.
Isn't that too specific? Why not the usual 100 and 200 levels
The alert is not and overbought/sold alert, it is specifically for entries and exits.
In the illustration I had attached previously above, I was looking for a buy reversal. Had the long entry been wrong then the CCI alert would have fired an exit alert (because the CCI value would have fallen below the 107 value). As it turned out the long direction was correct, CCI never fell below 107, and because no exit signal would have fired it would have kept me in the long trade until the target was hit - as in the current illustration. As it is an exit alert it needs to be manually and specifically set.
The CCI support diagonal indicator cannot be made into an 'alert' so I have to 'chart watch' or set a non-specific stop.
These are very low risk and very high probability trades - which is why I asked for the above.
I hope that clarifies.
A question : does that condition happen all the time, or it is just a one case situation?
Nothing happens all the time but the CCI value is a very reliable entry and exit warning, certainly Donald Lambert thought it more reliable than the price as one of his 'design criteria' was to test if a computer was adding correctly.
My idea is that if there is a low signified by a divergence signal then the 'new' alert indicator would be completed manually to show, for example, if the negative value went under the current value, eg, -137 (eg, -138 for a short entry). This would take advantage of the trending moves down.
As a reversal, if the price low was followed by a higher CCI low then this would indicate a reversal opportunity.
By way of seeing examples of the signals it would give, I have prepared this chart to illustrate when the alert would be used.
The alert would be asked to identify if the CCI value crossed under -137 in the first instance, that is -138, and it would alert during he candle at item 2. Same for 3, 4 and 5 with 5 being a double bottom on the CCI - another very reliable reversal signal. Prior to 6 the candle had a low of 4 pips more than the chart low - but the values of the CCI were widely divergent, another reliable signal of a reversal. With the entry at '6' the alert would be set to CCI value of the entry candle initially as an exit warning. Then it could be updated as and when a new situation occurred.
I'd love to believe that this CCI alert could cover the double bottoms/tops situation and the hugely divergent price/CCI value situation as well as the basic entry exit criteria of 'if above send an alert' and 'if below send an alert' but I am not a coder, merely a chartist.
Teamtrader, would something like this be what your looking for?
Thanks, I have tested it but it does not do what is required.
EG when I place 66 level up I need it to alert when it goes over 66 whereas this one alerts when it goes under. It works when the value entered is broken in either direction.
The alert I am looking for is to alert specifically when a chosen value is broken in one direction only.
1. 66 value is broken upwards
2. 50 value is broken downwards
3. -44 value is broken upwards
4. -55 value is broken downwards
Since I did this another double bottom occurred in this chart - if the indicator can be made as above, could a double top/bottom facility be added as these are mini springboards areas.
Could a CCI alert also be made to show when the following value opens at more than xx from the closing value?
This would necessarily have to be auto - and it would need to remember only the immediate last value of the CCI.
It could be via a percentage or by value based on the previous closing value or a choice of either.
Is this achievable?