Description of CCI Pointer

Forums Indicators CCI Pointer Description of CCI Pointer

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  • #4506
    Dominik
    Administrator

    CCI Pointer is an indicator which simply draws arrows on chart window when value of CCI (from parameter CCI_Period) is above CCI_Level (red downward pointing arrow) or below negative CCI_Level (green upward pointing arrow). CCI Pointer works on all timeframes and all currency pairs, commodities, indices, stocks etc.

    CCI Pointer has only two parameters, CCI_Period and CCI_Level. For example, if you set CCI_Period=25 and CCI_Level=200 indicator will draw arrows for values below -200 (oversold) and above 200 (overbought). Lower CCI level is equal to negative CCI_Level.

    CCI Pointer works in chart window, so you do not need CCI indicator in additional separate window to recognize oversold or overbought conditions, which often leads to trend reversals or retracements. Remember to be always careful when important political and macro-economic messages are published, when the price oscillates around important support and resistance levels, pivots or round numbers and obviously always pay special attention to price action.

    Remember, no one except yourself is responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions. Good luck!

    #5118
    Miloneg
    Spectator

    Hello Dominik,

    Do the arrows painted by CCI repaint? And also when does the arrow appear (current candle, end of candle or opening of next candle)?

    Cheers,

    #5119
    Dominik
    Administrator

    @wop1990 wrote:

    Hello Dominik,

    Do the arrows painted by CCI repaint? And also when does the arrow appear (current candle, end of candle or opening of next candle)?

    Cheers,

    Hi!

    It repaints only on current candle. I could code it in different way, so arrow will appear when previous candle closing will be on value of CCI higher than your high level (to sell) or lower than your low level (to buy), but it would delay the signal and our reaction, you know what I mean? Now, if arrow appears you know that value of CCI has reached your level and you can wait till close or just put pending order below candle (when CCI is in Overbought Zone) or above candle (when CCI is in Oversold Zone).

    Regards!

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