ColorJCCX – indicator MetaTrader 5

Smoother Commodity Chanel Index in which alternative algorithms of averaging such as JMA and ultralinear are used, that allow this indicator be less chaotic.

The trend direction is defined by the color of the indicator. Strong trend colors the histogram in blue or red color, weak trends are in orange and light blue colors. Trend strength is defined by the histogram bar value relative to the HighLevel and the LowLevel breakthrough levels in the indicator input parameters.

Indicator input parameters:

//+-----------------------------------+
//| Indicator input parameters        |
//+-----------------------------------+
input uint JMAPeriod=8;               // JMA period
input int JMAPhase=100;               // JMA averaging parameter
input uint JurXPeriod=8;              // JurX period
input Applied_price_ IPC=PRICE_CLOSE; // Price constant
input int Shift=0;                    // Horizontal shift of the indicator in bars
input IndStyle Style=COLOR_HISTOGRAM; // Style of JCCX display
input int HighLevel=+20;              // Upper level of triggering
input int MiddleLevel=0;              // Medium of the range
input int LowLevel=-20;               // Lower level of triggering

The indicator uses SmoothAlgorithms.mqh library classes (must be copied to the terminal_data_folder\MQL5\Include). The use of the classes was thoroughly described in the article “Averaging Price Series for Intermediate Calculations Without Using Additional Buffers”.

Fig.1 The ColorJCCX indicator