Today I present you a Supertrend not based on candle close but based on a CCI (Commodity Channel Index)
How does it work?
Bull event: CCI crossing over the 0 line
Bear event: CCI crossing below the 0 line
When the event is triggered, the script will plot the Supertrend as follow
UP Trend = High + ATR * Factor
DOWN Trend = Low - ATR *...
This tool is visualizing Mariusz Maciej Drozdowski's (MMD) clouds; it's is based on pairs of EMA + SMA that define the trend and potential resistance & support zones.
Diamond marking is tuned to show only very clear formations consisting on one inner diamond (swing diamonds are out). This way you get much better (reliable) diamonds, but miss some less obvious.
Common moving averages used are included in the script. Customize them as per your wishes.
MA's set as default are
50 EMA , SMA
100 EMA , SMA
200 EMA , SMA
Please favorite it if you like it! Thanks!
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