Retracement Spotter
This employ the multi time frame analysis to give you the most accurate retracement signal.
The entries are fairly simple.
Buy = color turns green, then turn blank
Sell = color turns read, then turn blank
The entries are fairly simple.
Buy = color turns green, then turn blank
Sell = color turns read, then turn blank
study(title="Commodity Channel Index", shorttitle="CCI Retracement") length = input(20, minval=1) src = input(close, title="Source") ma = sma(src, length) length1 = input(60, minval=1) ma1 = sma(src, length1) length2 = input(240, minval=1) ma2 = sma(src, length2) cci = (src - ma) / (0.015 * dev(src, length)) cci1 = (src - ma1) / (0.015 * dev(src, length1)) cci2 = (src - ma2) / (0.015 * dev(src, length2)) bgUp = (cci > 0 and cci1 > 0 and cci2 < 0) ? red : na bgDown = (cci < 0 and cci1 < 0 and cci2 > 0) ? green : na bgcolor(bgUp, transp=50) bgcolor(bgDown, transp=50)