Creates Red BackGround Highlight if CCI Or Williams %R are Above Upper Line (User Defined)
Creates Green BackGround Highlight if CCI Or Williams %R are Below Lower Line (User Defined)
Ability to Turn On/Off either Williams %R or CCI Highlights in Inputs Tab via Check Boxes.
Ability To Set All Parameters for CCI and Williams %R in Inputs Tab.
Ability to Set High/Low “Threshold” Lines for Both CCI and Williams %R in Inputs Tab.
***I was asked if you could plot Back Ground Highlights on Two Individual Indicators AND have it show if BOTH Indicators were Overbought and Oversold. ***The answer is Yes. On the Chart Above I have the same Shade of Red and Green for Both Indicators. However, you will notice when Both Indicators Show OverBought…Both Plot Red Back Ground Highlights Which = a Brighter Red. The same is True for Oversold Conditions. The Green Shows a Brighter Shade of Green.
***VERY IMPORTANT - It is difficult for a programmer to release Indicators with this feature because depending on what color background you use on your charts…THE COLORS LOOK COMPLETELY DIFFERENT. So If You Don’t Use The Black Back Ground Shown Above You Most Likely Will Need To Adjust The Transparency, and Possibly The Colors Themselves!!!!
Indicator and Reference Page In Related Links Below
I have a new request for you Chris Moody. The current version is really really great. And it would be even more awesome if you could add a third indicator to the mix: The Chande Momentum Oscillator (CMO), which is offered by TradingView for all. For the Chande Momentum Oscillator (CMO) the overbought / oversold areas can be defined as above +70 or below -70. The classic settings as recommend by Tushar Chande are values above +50 or below -50. Therefore it would be fantastic if the user could define oversold / overbought conditions for each indicator (Williams %R, CCI, CMO) by himself to fine-tune the resulting signals to reduce the noise.
Finally: Also helpful for this new power tool would be new selective conditions:
- 2 of all indicators show overbought / oversold prices
- 3 of all indicators show overbought / oversold prices
- 4 of all indicators show overbought / oversold prices
- all indicators have overbought / oversold values
ChrisMoody
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ChartArt....
Since my mentor is good friends with Larry Williams and I purchase Larry's annual webinar package I will throw in the UO and your CMO.
I'll also take you up on your last request regarding all indicators having overbought/oversold conditions etc. I've been wanting to create that anyway and have never gotten around to it.
ChartArt
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Thank for you VERY MUCH for creating this custom indicator. My requested feature that a signal shows up only when BOTH indicators are overbought / oversold is really useful, now that I can test based on your work.
Since I would never be able to code this by myself the only way to thank you is to share with everyone a better setting: Use 100 as period in the daily and make it fully transparent (therefore remove it) when only one of the two indicators is overbought / oversold. You get a better signal doing those two steps:
Adding more indicators like the RSI or the Ultimate Oscillator (UO) (tradingview.com/stock-charts-support/index.php/Ultimate_Oscillator_(UO)) would make this new tool even more brilliant.
Finally: Also helpful for this new power tool would be new selective conditions:
- 2 of all indicators show overbought / oversold prices
- 3 of all indicators show overbought / oversold prices
- 4 of all indicators show overbought / oversold prices
- all indicators have overbought / oversold values