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Here is another EasyLanguage indicator I wrote. The premise behind this indicator is to capture the overbought and oversold conditions of CCI, and then draw trend lines on the chart representative of the turning points.
The lines are drawn in realtime and do not change. They are drawn as soon as a bar closes where the CCI has pivoted to/from an overbought/oversold area, so you get instant feedback.
The idea is the top (resistance / blue) represents the top of the normal trading range. Price will normally bounce off this resistance area and move lower. The bottom (support / red) represents the bottom of the normal trading range. Price will normally bounce off this support area and move higher.
When price does break through either S/R area, it tends to make new highs and lows (ie: breakout).
This doesn't seem to work on NT 6.5 Is this available somewhere else on the forum for NT 6.5? Thanking everyone in advance for steering me in the right direction.
I trade CL, GC, 6E and TF. I use a MedianRenko 6 tick chart for each. My question is.......what would you suggest I set the parameters on the CCI pivot indicator for each one respectively???
I use 10, 2, 100. It does a good job. You need to remember overbought/sold conditions may occur in succession and produce new lines near each other. I think there is a NT7 version too. Don't remember where i took it.