DivergenceCCI
ProRealTime v11Return signals of the internal CCI divergences indicator of the platform.
Syntax:
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DivergenceCCI[CCIperiod, LowCCIthreshold, HighCCIthreshold, Bars] |
Where:
CCIperiod = Commodity Channel Index (CCI) indicator period of calculation, default is 20 periods
LowCCIthreshold = Lowest bound of the CCI indicator, default is -100
HighCCIthreshold = Highest bound of the CCI indicator, default is 100
Bars = Bars quantity to detect a potential divergences, default is 20
CCI DIVERGENCE Calculation: This indicator detects bullish and bearish divergences between price and the CCI. A bullish divergence occurs when the stock price makes new lows while the indicator starts to climb upward. A bearish divergence occurs when the stock price makes new highs while the indicator starts to go lower.
Interpretation: The divergences indicate a slowdown of the current trend and a probability of a reversal. If a bullish divergence is detected this indicator returns +1 (green histogram). If a bearish divergence is detected, the indicator returns -1 (red histogram). If no divergence is detected, the indicator returns 0.
Tip: If looking at a price chart, a CCI chart and a CCI Divergence chart, make sure that you have set the parameters of the CCI and CCI Divergence to the same levels.
Example:
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i = DivergenceCCI[20,-100,100,20] return i style(histogram) |
