Hey fellow traders! Today, let’s dive into the XCCI indicator for MetaTrader 5. This nifty tool is essentially a standard Commodity Channel Index (CCI) but with some added flexibility. You can choose your smoothing algorithm and adjust the oversold/overbought levels dynamically, making it a versatile addition to your trading toolkit.
What sets the XCCI apart from the standard CCI? The ability to switch up your smoothing algorithm! You have ten different options at your disposal:
- SMA - simple moving average;
- EMA - exponential moving average;
- SMMA - smoothed moving average;
- LWMA - linear weighted moving average;
- JJMA - JMA adaptive average;
- JurX - ultralinear smoothing;
- ParMA - parabolic smoothing;
- T3 - Tillson's multiple exponential smoothing;
- VIDYA - smoothing using Tushar Chande's algorithm;
- AMA - smoothing with Perry Kaufman's algorithm.
It's crucial to note that the Phase parameter can mean different things depending on which smoothing algorithm you select:
- For JMA, it’s an external Phase variable ranging from -100 to +100.
- For T3, it’s a smoothing ratio multiplied by 100 for better visualization.
- For VIDYA, it represents a CMO period, while for AMA, it’s a slow EMA period.
- In the case of AMA, the fast EMA period is fixed at 2 by default, and the raising power ratio is also set to 2.
The oversold and overbought levels in the XCCI are not static; they change dynamically based on the Bollinger Bands®. This feature helps you make more informed trading decisions.
To get started, you’ll need to copy the SmoothAlgorithms.mqh library classes into your terminal_data_folder\MQL5\Include. For a deeper understanding of how these classes work, check out the article "Averaging Price Series for Intermediate Calculations Without Using Additional Buffers".
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