Real_Woodie_CCI

Author: Under The GNU General Public License
Real_Woodie_CCI

This tool is a specialized technical analysis indicator designed to help traders identify market trends and potential entry points by visualizing price momentum. It follows a specific methodology (the Woodie CCI) to provide a more nuanced view of market movement than a standard Commodity Channel Index (CCI).

Core Functionality

The script works by calculating two different types of momentum measurements simultaneously and combining them with a sophisticated "trend-tracking" logic. Here is how that logic breaks down:

1. Dual Momentum Tracking The indicator monitors the market using two distinct timeframes for momentum:

  • A primary, slower period to identify the overarching trend.
  • A secondary, faster period used to help pinpoint more immediate price action.

2. Dynamic Trend Identification (The Color Logic) Unlike standard indicators that simply show a single line, this script categorizes the market into three distinct states based on how long the momentum has stayed above or below the zero line:

  • Neutral/Transition State: When the momentum first crosses the zero line, it is flagged as "No Trend." This represents the initial period where the market is deciding its direction.
  • Confirmation State: Once the momentum stays on one side of the zero line for a specific number of bars (a user-defined threshold), it is identified as a "Time Bar," signaling a confirmed transition.
  • Established Trend: Only after the momentum has persisted beyond that confirmation period does the indicator highlight the "Trend Up" or "Trend Down" state.

3. Visual Signaling The logic translates these mathematical states into visual cues on your chart:

  • Histograms: Use different colors to represent whether the market is in an initial transition, a confirmed trend, or a neutral zone.
  • Entry Lines: A specific line tracks the faster momentum to help identify potential points of interest.
  • LSMA Overlay: The script includes a Linear Weighted Moving Average (LSMA) calculation. This acts as a dynamic "center" line that reacts more quickly to price changes than a standard moving average, providing an extra layer of confirmation regarding where the price is currently sitting relative to its recent history.

Summary for the User

Instead of just showing you if the market is "fast" or "slow," this script tells you where you are in the trend lifecycle. It filters out "noise" by requiring the momentum to stay consistent for a set amount of time before highlighting it as a valid trend. This helps traders distinguish between a temporary price flicker and a sustained move in the market.

Indicators Used
Commodity channel indexMoving average indicator
Miscellaneous
Implements a curve of type %1
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0 Downloads
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Real_Woodie_CCI 
//+------------------------------------------------------------------+
//|                                              Real Woodie CCI.mq4 |
//|                Based on the code of Jason Robinson (jnrtrading). |
//|                                                                  |
//| After read the Woodie introductory document I started a search   |
//| for the right coloured CCI.                                      |
//| I can? find anyone in accomplish with the explanation of Woodie |
//| So, I take the code from another CCI, and I added                |
//| the center LSMA line according to the official explanation.      |
//| Everything you see is an exact copy like it? explained in the   |
//| document new_woodie_do1. Specially the colors.                   |
//| If you have some doubts can obtain a copy                        |
//| from http://woodiescciclub.com/                                  |
//|                                                                  |
//| Linuxser 2007                                                    |
//| for any doubts or suggestions contact me on Forex-TSD forum      |
//+------------------------------------------------------------------+
#property copyright "Under The GNU General Public License"
#property link      "www.gnu.org"

#property indicator_separate_window
#property indicator_buffers 8
#property indicator_color1 Blue   
#property indicator_color2 Red   //SaddleBrown
#property indicator_color3 Gray
#property indicator_color4 Gold
#property indicator_color5 Black 
#property indicator_color6 Crimson  
#property indicator_color7 Lime  //Gold  <<<<<<<<<<<<<<<<<<<<<<<<<<
#property indicator_color8 Red  //Gold  <<<<<<<<<<<<<<<<<<<<<<<<<<
#property indicator_level1 300
#property indicator_level2 200
#property indicator_level3 100
#property indicator_level4 -100
#property indicator_level5 -200
#property indicator_level6 -300
#property indicator_levelcolor Black
#property indicator_levelstyle STYLE_DOT
#property indicator_levelwidth 1

//---- input parameters
extern int TrendCCI_Period = 14;//14
extern int EntryCCI_Period = 6;//6
extern int LSMAPeriod = 25;     // LSMA period
extern int Trend_period = 5;
extern int  CountBars=1000; 
extern int   CCISize=2;
extern int   TCCISize=1;
extern int   TrendSize=1;
extern int   NoTrendSize=1;
extern bool  ShowLSMA=true;
extern int   LineSize3=1;

double TrendCCI[];
double EntryCCI[];
double CCITrendUp[];
double CCITrendDown[];
double CCINoTrend[];
double CCITimeBar[];
double ZeroLine[];
double LSMABuffer1[];
double LSMABuffer2[];
int EMAPeriod  = 34;     // ??period
int FromZero   = 0;      // Distance from zero level
double LineHighEMA[];
double LineLowEMA[];

int trendUp, trendDown;

//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()  {
//---- indicators
   SetIndexStyle(4, DRAW_LINE, STYLE_SOLID,CCISize);
   SetIndexBuffer(4, TrendCCI);
   SetIndexLabel(4, "TrendCCI");
   SetIndexStyle(0, DRAW_HISTOGRAM, 0,TrendSize);
   SetIndexBuffer(0, CCITrendUp);
   SetIndexLabel (0, NULL);
   SetIndexStyle(1, DRAW_HISTOGRAM, 0,TrendSize);
   SetIndexBuffer(1, CCITrendDown);
   SetIndexLabel (1, NULL);
   SetIndexStyle(2, DRAW_HISTOGRAM, 0,NoTrendSize);
   SetIndexBuffer(2, CCINoTrend);
   SetIndexLabel (2, NULL);
   SetIndexStyle(3, DRAW_HISTOGRAM, 0,NoTrendSize);
   SetIndexBuffer(3, CCITimeBar);
   SetIndexLabel (3, NULL);
   SetIndexStyle(5, DRAW_LINE, STYLE_SOLID,TCCISize);// 1 <<<<<<<<<<<<<<<<<<<<<<<<<<<
   SetIndexBuffer(5, EntryCCI);
   SetIndexLabel(5, "EntryCCI");
   SetIndexStyle(6, DRAW_ARROW, STYLE_SOLID,LineSize3);
   SetIndexBuffer(6, LSMABuffer2);
   SetIndexLabel (6, NULL);
   SetIndexArrow(6,167);
   SetIndexStyle(7, DRAW_ARROW, STYLE_SOLID,LineSize3);
   SetIndexBuffer(7, LSMABuffer1); 
   SetIndexArrow(7,167);
   SetIndexLabel (7, NULL);
//----
   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;
   
     SetIndexDrawBegin(0,Bars-CountBars);
     SetIndexDrawBegin(1,Bars-CountBars);
     SetIndexDrawBegin(2,Bars-CountBars);
     SetIndexDrawBegin(3,Bars-CountBars);
     SetIndexDrawBegin(4,Bars-CountBars);
     SetIndexDrawBegin(5,Bars-CountBars);
     SetIndexDrawBegin(6,Bars-CountBars);
     SetIndexDrawBegin(7,Bars-CountBars);
   

      trendCCI = TrendCCI_Period;
      entryCCI = EntryCCI_Period;
   
      IndicatorShortName("[CCI: " + trendCCI + "] [TCCI: " + entryCCI + "] [per LSMA: " + LSMAPeriod + "] [Trend: " + Trend_period + "] Values CCI|TCCI:");   
   
   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 >  Trend_period) trendUp = 0;
      }
      if (TrendCCI[i] > 0) {
         if (trendUp <  Trend_period){
            CCINoTrend[i] = TrendCCI[i];
            trendUp++;
         }
         if (trendUp ==  Trend_period) {
            CCITimeBar[i] = TrendCCI[i];
            trendUp++;
         }
         if (trendUp >  Trend_period) {
            CCITrendUp[i] = TrendCCI[i];
         }
      }
      if(TrendCCI[i] < 0 && TrendCCI[i+1] > 0) {
         if (trendUp >  Trend_period) trendDown = 0;
      }
      if (TrendCCI[i] < 0) {
         
         if (trendDown <  Trend_period){
            CCINoTrend[i] = TrendCCI[i];
            trendDown++;
         }
         if (trendDown ==  Trend_period) {
            CCITimeBar[i] = TrendCCI[i];
            trendDown++;
         }
         if (trendDown >  Trend_period) {
            CCITrendDown[i] = TrendCCI[i];
         }
      }
   }

//---- Color Middle Line LSMA
  if(ShowLSMA==true)
  {
  double sum, lengthvar, tmp, wt;
  int shift;
  int Draw4HowLong, loopbegin;

  if (counted_bars<0) return;
  if (counted_bars>0) counted_bars--;
  counted_bars = Bars - counted_bars;
  for (shift=0; shift<counted_bars; shift++) {
    LineLowEMA[shift] = -FromZero;
    LineHighEMA[shift] = -FromZero;

    double EmaValue = iMA(NULL, 0, EMAPeriod, 0, MODE_EMA, PRICE_TYPICAL, shift);
    if (Close[shift]>EmaValue) LineHighEMA[shift] = EMPTY_VALUE;
    if (Close[shift]<EmaValue) LineLowEMA[shift] = EMPTY_VALUE;
  }

  Draw4HowLong = Bars-LSMAPeriod - 5;
  loopbegin = Draw4HowLong - LSMAPeriod - 1;

  for(shift=loopbegin; shift>=0; shift--) {
    sum = 0;
    for (i=LSMAPeriod; i>=1; i--) {
      lengthvar = LSMAPeriod + 1;
      lengthvar /= 3;
      tmp = 0;
      tmp = (i - lengthvar) * Close[LSMAPeriod-i+shift];
      sum+=tmp;
    }
    wt = sum * 6 / (LSMAPeriod * (LSMAPeriod + 1));

    LSMABuffer1[shift] = 0;
    LSMABuffer2[shift] = 0;

    if (wt>Close[shift]) LSMABuffer2[shift] = EMPTY_VALUE;
    if (wt<Close[shift]) LSMABuffer1[shift] = EMPTY_VALUE;
  }
  }
  
//---- 
   return(0);
  }
//+------------------------------------------------------------------+

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