CCI of EMA Indicator
Platform: MT5 Type: Oscillator Last update: December 5, 2024The CCI of EMA Indicator for MT5 is a variation of this classic oscillator and it’s essentially a combination of two gauges. According to author the standard commodity channel index tends to provide too many false signals. In order to reduce them, he developed this particular tool.
Improved CCI signals
Based on observations where levels-crossing signals are pretty hesitant, one of the ways to improve the quality is to pre-filter the prices prior to being used in calculations. In the result there is significantly less lag and readings are more smoothed. Behind the scenes, its formula incorporate exponential moving average (EMA is deafult), however in the settings you can also choose between MA, SMMA and LWMA.
What’s more, you can choose one of the three coloring mode and change could be: on slope, levels or zero cross. For example, if you pick levels option, it will draw blue line in overbought area and orange in oversold one.
Example chart
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