This is my thank you to the TradingView community, for the people who are sharing their scripts, which allowed me to learn Pine Script. So here is my first creation, feel free to experiment, modify and use it as you wish. It is a CCI(default value is 100, can be changed), combined with an EMA of that CCI(default 21,changeable) that then colors the background according to the strength of the signal(if selected to do so). To generate strong signals, it also uses Bollinger Bands to prevent whipsaws in high volatility situations. The best signals are generated when the CCI crosses the limits set by the user (default is 100/-100), and is above/belov its EMA. Exit signals are indicated, when the CCI crosses its EMA. Unfortunately in strong trends, this exit signal is sometimes premature, using a 3x resolution of the indicator will improve this, maybe I will implement this in a later version. I use it mostly in 15min charts and higher, I found in shorter timeframes still a lot of whipsaws, maybe experimenting with different lengths and levels will improve this. As the Indicator allows the user to experiment with different lenghts and levels, and the colors will change according the setting, I find it a nice tool to search for the best mixture for different securities and timeframes. See below an example of a nice signal. I do suggest to use it in combination with other indicators.
Sürüm Notları
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Removed BB criteria Added option to select different resoulutions Added option to select source Added titles to plots Added overbought and oversold critria options Bug fix (removed minval on lower limit)
Can you have a educated post on how to use this effectively?
TradeSL
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@totoroha, Hi. Besides the explanation above, there is not much more I can say, like other indicators, it triggers ONE signal that can be implemented into strategys, or used as a confirmation with other indicators.
I use it successfully in two strategys, and with a CCI setting of 150, it delivers pretty solid entry signals on 15min and hourly charts.
In the example below the entry signal of the "CCI Rider" is generated when the CCI crosses above 150, and is above its EMA, this can (and has to be) adjusted for different securities and timeframes.
(The white boxes are only for easier visualisation of the "trigger area")
Again, I do not recommend using the CCI Rider as the only signal, be creative.