CCI Orbiting-Venus

Indicator Description: CCI Orbiting-Venus
This is a customized version of the Commodity Channel Index (CCI) that measures the price deviation relative to its smoothed moving average to help identify overbought or oversold market conditions.

What does it do?
Calculates the CCI based on various price sources (such as close, open, high, low, and several price averages).

Applies customizable smoothing to the CCI using different types of moving averages (SMA, EMA, WMA, Hull, JMA, and SMMA).

Visually highlights the CCI direction with different colors:

Purple when CCI is above zero (positive momentum)

Orange when CCI is below zero (negative momentum)

Shows reference lines at +100 and -100 to help identify overbought and oversold zones.

How to use this indicator?
CCI Period Setting (CCI Period):
Adjust the number of periods used to calculate the CCI. Lower values make the indicator more sensitive, while higher values smooth out fluctuations.

Price Source (CCI Price Source):
Choose which price to base the calculation on: close, open, high, low, or weighted averages. This allows you to adapt the indicator to your trading style or strategy.

Smoothing Type (CCI Smoothing Type):
Select from different smoothing methods for the CCI calculation, which affects how the indicator behaves:

SMA (Simple Moving Average) – basic and traditional.

EMA, WMA, Hull, JMA (more advanced averages) – provide different noise filtering or faster response to price movements.

Interpreting CCI values:

Values above +100 suggest the asset may be overbought and could be near a downward reversal.

Values below -100 suggest the asset may be oversold and could be near an upward reversal.

Crossing the zero line indicates a potential change in trend or momentum.

Practical usage:

Look for buy signals when CCI moves up from the oversold region (-100) and crosses above zero, turning purple (positive).

Look for sell signals when CCI moves down from the overbought region (+100) and crosses below zero, turning orange (negative).

Combine with other indicators or chart analysis to confirm signals and avoid false entries.

Advantages of this custom indicator
Flexibility in choosing the price source and smoothing method.

Intuitive visual cues with colors indicating momentum direction.

Clear reference lines for quick assessment of extreme conditions.