The CCI (commodity channel index) is one of the most popular standard indicators in the MetaTrader 4. The CCI sometimes generates false signals, therefore, in order to increase the accuracy, multiple CCI indicators with different periods are widely used.
The use of Multiple additional windows with indicators has a significant disadvantage - it piles up the work space and working becomes more difficult.
The Improved CCI indicator solves this problem! It's still the same standard CCI, but instead of 1 line it uses 3 lines with different periods in the same additional window.
The indicator can work in 2 modes:
- Full mode: 3 CCI lines are drawn in one additional window. You can select the type, width and color for each line.
- Simplified mode: only one line is drawn in the additional window. It is drawn the following way: out of three CCI lines with different periods, only the one with the absolute value closest to 0 is drawn. The Improved CCI will generate a signal only if all 3 CCI of different periods generate the signal simultaneously.
To enable the simplified mode, set the Easy mode parameter to true.
If you need to use only two CCI, then you can set the same periods for two lines, and they will work as one. And if you set the same period for all three lines, you will get the standard CCI.
The Improved CCI, unlike the classic CCI, generates fewer signals, but they are more accurate. Both modes can be used for creating/improving trading strategies. The optimal periods for a daily chart are set by default.
2. Added new line drawing mode. Earlier, the Easy mode displayed the absolute minimum value. Now there is the ability to show the average value as well.
3. Added the ability to select the price to apply the indicator.