doublecci_woodies

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Author: Copyright � 2005, Jason Robinson (jnrtrading).
doublecci_woodies

This technical tool is designed to help traders identify market trends and potential entry points by analyzing two different layers of price momentum simultaneously. Rather than relying on a single indicator, it uses a "double" approach to filter out market noise and clarify the direction of the move.

Core Logic Overview

The script operates by tracking two distinct types of Commodity Channel Index (CCI) values:

  1. The Trend CCI: This is used to establish the "big picture." It looks at a larger window of price data to determine if the overall market is moving upward or downward.
  2. The Entry CCI: This is used to identify immediate price action. By looking at a smaller, more sensitive window, it detects short-term fluctuations that might signal a starting point for a trade.

Smart Adaptive Settings

One of the key features of this script is its ability to automatically adjust its sensitivity based on the chart's timeframe. For example, if you switch from a 1-minute chart to a Daily chart, the script recognizes this change and automatically recalibrates its internal calculations. This ensures that the data remains relevant and accurate regardless of whether you are day trading or looking at long-term movements.

Visual Data Representation

The tool provides a multi-layered visual experience in a separate window below your price chart:

  • Trend Tracking: It uses different histogram styles to represent "Up Trends," "Down Trends," and periods of "No Trend" (sideways movement).
  • Buffer Zones: The script includes a logic check that requires the trend to persist for a specific amount of time before it is officially confirmed. This prevents the indicator from giving "false signals" during minor price flickers.
  • Entry Lines: It plots specific lines to help you visualize where the short-term entry momentum sits in relation to the broader trend.

Alert System

To keep traders informed without needing to watch the screen constantly, the script includes a notification system. If both the Trend CCI and the Entry CCI cross the zero line in the same direction simultaneously, the tool can trigger a pop-up alert. This signifies that both the long-term momentum and the short-term price action are aligning, potentially highlighting a high-probability trading opportunity.

Indicators Used
Commodity channel index
Miscellaneous
Implements a curve of type %1It issuies visual alerts to the screen
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doublecci_woodies 
//+------------------------------------------------------------------+
//|                                                    DoubleCCI.mq4 |
//|                   Copyright © 2005, Jason Robinson (jnrtrading). |
//|                                      http://www.jnrtrading.co.uk |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2005, Jason Robinson (jnrtrading)."
#property link      "http://www.jnrtrading.co.uk"

#property indicator_separate_window
#property indicator_buffers 7
#property indicator_color1 Lime
#property indicator_color2 Red
#property indicator_color3 White //Black
#property indicator_color4 Yellow  //Gold
#property indicator_color5 Gold  //Blue
#property indicator_color6 Magenta  //LightGray
#property indicator_color7 Gold
#property indicator_level1 100  //50
#property indicator_level2 180
#property indicator_level3 250
#property indicator_level4 350
#property indicator_level5 -350
#property indicator_level6 -250
#property indicator_level7 -180
#property indicator_level8 -100

//---- input parameters
extern int TrendCCI_Period = 14;
extern int EntryCCI_Period = 6;
extern bool Zero_Cross_Alert;
extern bool Automatic_Timeframe_Setting = false;
extern int M1_TrendCCI_Period = 50;
extern int M1_EntryCCI_Period = 14;
extern int M5_TrendCCI_Period = 50;
extern int M5_EntryCCI_Period = 14;
extern int M15_TrendCCI_Period = 14;
extern int M15_EntryCCI_Period = 6;
extern int M30_TrendCCI_Period = 14;
extern int M30_EntryCCI_Period = 6;
extern int H1_TrendCCI_Period = 14;
extern int H1_EntryCCI_Period = 6;
extern int H4_TrendCCI_Period = 14;
extern int H4_EntryCCI_Period = 6;
extern int D1_TrendCCI_Period = 14;
extern int D1_EntryCCI_Period = 6;
extern int W1_TrendCCI_Period = 14;
extern int W1_EntryCCI_Period = 6;
extern int MN_TrendCCI_Period = 14;
extern int MN_EntryCCI_Period = 6;


double TrendCCI[];
double EntryCCI[];
double CCITrendUp[];
double CCITrendDown[];
double CCINoTrend[];
double CCITimeBar[];
double ZeroLine[];

int trendUp, trendDown;

//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()  {
//---- indicators
   SetIndexStyle(4, DRAW_LINE, STYLE_SOLID, 2);
   SetIndexBuffer(4, TrendCCI);
   SetIndexLabel(4, "TrendCCI");
   SetIndexStyle(0, DRAW_HISTOGRAM, 0, 1);  //1
   SetIndexBuffer(0, CCITrendUp);
   SetIndexStyle(1, DRAW_HISTOGRAM, 0, 1);
   SetIndexBuffer(1, CCITrendDown);
   SetIndexStyle(2, DRAW_HISTOGRAM, 0, 2);
   SetIndexBuffer(2, CCINoTrend);
   SetIndexStyle(3, DRAW_HISTOGRAM, 0, 2);
   SetIndexBuffer(3, CCITimeBar);
   SetIndexStyle(5, DRAW_LINE, STYLE_SOLID, 2);
   SetIndexBuffer(5, EntryCCI);
   SetIndexLabel(5, "EntryCCI");
   SetIndexStyle(6, DRAW_LINE, STYLE_SOLID, 1);
   SetIndexBuffer(6, ZeroLine);   
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
//---- 
   
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start() {

   int limit, i, trendCCI, entryCCI;
   int counted_bars = IndicatorCounted();
   static datetime prevtime = 0;
//---- check for possible errors
   if(counted_bars < 0) return(-1);
//---- last counted bar will be recounted
   if(counted_bars > 0) counted_bars--;

   limit=Bars;//-counted_bars;
   
   if (Automatic_Timeframe_Setting == true) {
      switch(Period()) {
         case 1: trendCCI = M1_TrendCCI_Period; entryCCI = M1_EntryCCI_Period; break;
         case 5: trendCCI = M5_TrendCCI_Period; entryCCI = M5_EntryCCI_Period; break;
         case 15: trendCCI = M15_TrendCCI_Period; entryCCI = M15_EntryCCI_Period; break;
         case 30: trendCCI = M30_TrendCCI_Period; entryCCI = M30_EntryCCI_Period; break;
         case 60: trendCCI = H1_TrendCCI_Period; entryCCI = H1_EntryCCI_Period; break;
         case 240: trendCCI = H4_TrendCCI_Period; entryCCI = H4_EntryCCI_Period; break;
         case 1440: trendCCI = D1_TrendCCI_Period; entryCCI = D1_EntryCCI_Period; break;
         case 10080: trendCCI = W1_TrendCCI_Period; entryCCI = W1_EntryCCI_Period; break;
         case 43200: trendCCI = MN_TrendCCI_Period; entryCCI = MN_EntryCCI_Period; break;
      }
   }
   else {
      trendCCI = TrendCCI_Period;
      entryCCI = EntryCCI_Period;
   }
      IndicatorShortName("(TrendCCI: " + trendCCI + ", EntryCCI: " + entryCCI + ") ");   
   
   for(i = limit; i >= 0; i--) {
      CCINoTrend[i] = 0;
      CCITrendDown[i] = 0;
      CCITimeBar[i] = 0;
      CCITrendUp[i] = 0;
      ZeroLine[i] = 0;
      TrendCCI[i] = iCCI(NULL, 0, trendCCI, PRICE_TYPICAL, i);
      EntryCCI[i] = iCCI(NULL, 0, entryCCI, PRICE_TYPICAL, i);
      
      if(TrendCCI[i] > 0 && TrendCCI[i+1] < 0) {
         if (trendDown > 4) trendUp = 0;
      }
      if (TrendCCI[i] > 0) {
         if (trendUp < 5){
            CCINoTrend[i] = TrendCCI[i];
            trendUp++;
         }
         if (trendUp == 5) {
            CCITimeBar[i] = TrendCCI[i];
            trendUp++;
         }
         if (trendUp > 5) {
            CCITrendUp[i] = TrendCCI[i];
         }
      }
      if(TrendCCI[i] < 0 && TrendCCI[i+1] > 0) {
         if (trendUp > 4) trendDown = 0;
      }
      if (TrendCCI[i] < 0) {
         
         if (trendDown < 5){
            CCINoTrend[i] = TrendCCI[i];
            trendDown++;
         }
         if (trendDown == 5) {
            CCITimeBar[i] = TrendCCI[i];
            trendDown++;
         }
         if (trendDown > 5) {
            CCITrendDown[i] = TrendCCI[i];
         }
      }
   }
   
   if (Zero_Cross_Alert == true) {
      if (prevtime == Time[0]) {
         return(0);
      }
      else {
         if(EntryCCI[0] < 0) {
            if((TrendCCI[0] < 0) && (TrendCCI[1] >= 0)) {
               Alert(Symbol(), " M", Period(), " Trend & Entry CCI Have both crossed below zero");
            }
         }
         else if(EntryCCI[0] > 0) {
            if((TrendCCI[0] > 0) && (TrendCCI[1] <= 0)) {
               Alert(Symbol(), " M", Period(), " Trend & Entry CCI Have both crossed above zero");
            }
         }
         prevtime = Time[0];
      }
   }
//---- 
   
//----
   return(0);
  }
//+------------------------------------------------------------------+

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