MACD_CCI_mtf_Alert_v1.01
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This script is a custom technical analysis tool designed to identify specific market trends by combining two well-known trading indicators: the MACD (Moving Average Convergence Divergence) and the CCI (Commodity Channel Index).
Instead of providing standard lines on a chart, this tool functions as a visual signaling system that marks specific price points based on the relationship between these two metrics across different timeframes.
Core Logic and Functionality
1. Multi-Timeframe Analysis The script is capable of looking at data from different timeframes than the one currently displayed on your screen. This allows you to monitor broader market trends while watching a smaller, more granular chart, helping to ensure that short-term moves align with long-term momentum.
2. The Combined Signal Strategy The tool evaluates two conditions simultaneously to determine its visual output:
- Momentum (MACD): It monitors the direction of the MACD trend to see if the market's strength is increasing or decreasing.
- Relative Strength (CCI): It looks at the CCI to determine where the current price sits in relation to its recent average price range.
The script then applies specific logic to display a signal based on these combined factors:
- Bullish Identification: If the CCI is above zero and the MACD shows an upward trend, the tool identifies a positive momentum shift.
- Bearish Identification: If the CCI is below zero and the MACD shows a downward trend, the tool identifies a negative momentum shift.
- Neutral State: If neither of these specific conditions are met, it remains in a neutral state.
3. Visual Representation The script translates these complex calculations into simple visual cues:
- It uses arrows on your chart to highlight where these specific conditions are met.
- The signals are assigned distinct colors (Royal Blue for bullish leanings and Red for bearish leanings) to provide an immediate "at-a-glance" understanding of market sentiment.
4. Automated Alerts To ensure you don't have to watch the screen constantly, the tool includes a built-in notification system. It can be configured to send a live alert (pop-up or sound) the moment the indicator changes color. You can even choose whether you want the alert triggered on the current "live" candle or only after a candle has officially closed, which helps in filtering out market "noise" and temporary fluctuations.
Summary for the User
Essentially, this script acts as a filter. It ignores minor price wiggles and only signals a "color change" when both the trend (MACD) and the relative strength (CCI) agree that a move is occurring. This provides a more filtered, high-probability view of market direction than using either indicator alone.
//+------------------------------------------------------------------+
//| MACD_CCI.mq4 |
//| Copyright © 2009, challenger78 |
//+------------------------------------------------------------------+
//mod mtf
//19.jun.2009 - Add Alert for change color to "RoyalBlue" or "Red" (okfar)
//22.jun.2009 - Add alert delay
#property copyright "challenger78"
#property indicator_separate_window
#property indicator_buffers 3
#property indicator_color1 RoyalBlue
#property indicator_color2 Red
#property indicator_color3 Orange
#property indicator_minimum 0
#property indicator_maximum 77
extern int TimeFrame=0;
extern int macdMAfast =144; //12
extern int macdMAslow =233; //26;
extern int macdSigMA =21; //9
extern int macdPrice =0;
extern int macdLnMode =0;
extern int CCIperiod = 50;
extern int CCIprice = 5;
extern double BarLevl = 5;
//0main;1signal
extern string MA_Method_Price = "SMA0 EMA1 SMMA2 LWMA3||0O,1C 2H3L,4Md 5Tp 6WghC: Md(HL/2)4,Tp(HLC/3)5,Wgh(HLCC/4)6||macdLnMode:0main 1sig";
extern string TimeFrames = "M1;5,15,30,60H1;240H4;1440D1;10080W1;43200MN|0-CurrentTF";
extern int alertSwitch = 1; //0=OFF , 1=ON
extern int alertShift = 0; // 0=change color current Bars, 1=chamge color previous Bar, ....
//
double buffer1[], buffer2[], buffer3[];
int lastABar;
int init()
{
SetIndexStyle(0,DRAW_ARROW); SetIndexArrow(0,167); SetIndexBuffer(0,buffer1); SetIndexEmptyValue(0,EMPTY_VALUE);
SetIndexStyle(1,DRAW_ARROW); SetIndexArrow(1,167); SetIndexBuffer(1,buffer2); SetIndexEmptyValue(1,EMPTY_VALUE);
SetIndexStyle(2,DRAW_ARROW); SetIndexArrow(2,167); SetIndexBuffer(2,buffer3); SetIndexEmptyValue(2,EMPTY_VALUE);
TimeFrame=MathMax(TimeFrame,Period());
string name1= " macd: "+macdMAfast+","+macdMAslow+","+macdSigMA;
string name2= " cci: " +CCIperiod;
IndicatorShortName("MACDCCI"+name1+name2+" "+TimeFrame);
return(0);
}
int start()
{
int i,limit;
int counted_bars = IndicatorCounted();
if(counted_bars < 0) return(-1);
if(counted_bars > 0) counted_bars--;
limit = Bars - counted_bars;
if(TimeFrame!=Period())
limit = MathMax(limit,TimeFrame/Period());
for (i=limit; i>= 0; i--)
{
int y =iBarShift(NULL,TimeFrame,Time[i]);
double macd0 =iMACD(NULL,TimeFrame,macdMAfast,macdMAslow,macdSigMA,macdPrice,macdLnMode,y);
double macd1 =iMACD(NULL,TimeFrame,macdMAfast,macdMAslow,macdSigMA,macdPrice,macdLnMode,y+1);
double cci =iCCI (NULL,TimeFrame,CCIperiod,CCIprice,y);
buffer1[i]=EMPTY_VALUE; buffer2[i]=EMPTY_VALUE; buffer3[i]=EMPTY_VALUE;
if (cci > 0 && macd0 > macd1 ) buffer1[i] = BarLevl;
else
if (cci < 0 && macd0 < macd1 ) buffer2[i] = BarLevl;
else buffer3[i] = BarLevl;
}
if (alertSwitch == 1 && Bars > lastABar) {
if (buffer1[alertShift] != EMPTY_VALUE && buffer1[alertShift+1] == EMPTY_VALUE) {
Alert(Symbol(), " Indicator MCAD_CCI change color (bar-",alertShift,") to 'color0' (RoyalBlue)");
lastABar = Bars;
}
if (buffer2[alertShift] != EMPTY_VALUE && buffer2[alertShift+1] == EMPTY_VALUE) {
Alert(Symbol(), " Indicator MCAD_CCI change color (bar-",alertShift,") to 'color1' (Red)");
lastABar = Bars;
}
}
return(0);
}
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