This is standard Commodity Channel Index (CCI) indicator, however with implemented Noise Reduction mechanism, so it give much less negative sygnals to trade.
Indicator input parameters:
CCIperiod – indicator period
Price (defauld = 4) – price type, allowed numbers:
- 0 – Price Close value
1 – Price Open
2 – Price High
3 – Pice Low
4 – Price median value (high+low)/2
5 – Price typical value (high+low+close)/3
6 – Price Weighted value (high+low+close+close)/4
Sens – allowed calculating error
The indicator is used to trade with famous Woodies CCI trading system.
Woodies CCI system is a complete set of guidelines for you to follow.
The CCI indicator formula is based on the momentum of prices over a given period of time. It is a leading indicator. It is not a lagging indicator. It outperforms most if not all other indicators. When combined with Woodies CCI system it can outperform all other trading systems.