Theory :

This CCI (Commodities Channel Index) indicator deviates from "regular" CCI in two main points :

• it is using standard deviations for calculations (instead of using mean absolute deviation)
• it is allowing us to use double smoothed Wilder's EMA for price filtering (and that way it filters out some false signals)

Also, in order to help finding out trends, floating levels are added to the indicator. You can use 3 coloring modes :

• color change on outer levels cross
• color change on middle level cross
• color change on slope change
  

Usage :

You can use color changes as signals