This is one of the techniques described by William Blau in his book "Momentum, Direction and Divergence" (1995). If you like to learn more, we advise you to read this book. His book focuses on three key aspects of trading: momentum, direction and divergence. Blau, who was an electrical engineer before becoming a trader, thoroughly examines the relationship between price and momentum in step-by-step examples. From this grounding, he then looks at the deficiencies in other oscillators and introduces some innovative techniques, including a fresh twist on Stochastics. On directional issues, he analyzes the intricacies of ADX and offers a unique approach to help define trending and non-trending periods. This indicator plots Ergodic CSI and smoothed Ergodic CSI to filter out noise.
I have used Fx Sniper's T3 CCI in MT4 and am including the mq4 code for same. I personally like it better than Blau's Ergodic. Would you be willing to code it for Tradingview charts? Thanks.
//+------------------------------------------------------------------+
//| FX Sniper's T3 CCI.mq4 |
//| FX Sniper |
//| |
//+------------------------------------------------------------------+
#property copyright "FX Sniper: T3-CCI :-)"
#property link "dunno.com :-)/"
#property indicator_separate_window
#property indicator_buffers 3
#property indicator_color1 Black
#property indicator_color2 Green
#property indicator_color3 Red
//----
extern int CCI_Period = 14;
extern int T3_Period = 4;
extern double b = 0.618;
extern bool AlertPossible = true;
extern bool AlertOnlySound = true;
extern string Sound = "alert2.wav";
extern bool SendMailPossible = false;