The indicator represents the price as it travels above and below the mean (50%) and outside the two standard deviations (zero and 100). Penetration of the upper band represents overbought conditions while penetration of the lower band signifies oversold conditions. Usage of the CCT Oscillator to identify 'failure swings' and 'divergences' can lead to significant reversals.
List of my other indicators:
- Chart: - GDoc: https://docs.google.com/document/d/15AGC...
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
// // @author LazyBear // List of all my indicators: // https://docs.google.com/document/d/15AGCufJZ8CIUvwFJ9W-IKns88gkWOKBCvByMEvm5MLo/edit?usp=sharing // study("CCT Bollinger Band Oscillator [LazyBear]", shorttitle="CCTBBO_LB") length=input(21) lengthMA=input(13) src=close cctbbo=100 * ( src + 2*stdev( src, length) - sma( src, length ) ) / ( 4 * stdev( src, length ) ) ul=hline(100, color=gray) ll=hline(0, color=gray) hline(50, color=gray) fill(ul,ll, color=blue) plot(cctbbo, color=blue, linewidth=2) plot(ema(cctbbo, lengthMA), color=red)
I would like to add it to my MT4 server.