Program 44 | CCI ghost finder

A nicely formed ‘ghost’ pattern on a CCI. Notice how the program highlights the pattern with a thicker line. Click image to enlarge.

Program 44 is designed to look for ‘ghost’ patterns in the Commodity Channel Index  (CCI). Some view ghost patterns as a sign of a potential reversal. The program defines a bearish ‘ghost’ pattern as one where there are 3 high pivots and the middle pivot is higher then the ones on either side.

Similarly, a bullish ‘ghost’ pattern is one where there are 3 low pivots and the middle pivot is lower then the ones on either side.

The program is user configurable and the user may look for ghost patterns on regular CCI, Fast CCI, Markplex smoothed CCI or Markplex fast smoothed CCI. The user may select the CCI using the WhichCCI user input. A setting of 1 is for regular CCI, 2 is for fast CCI, 3 is for Markplex smoothed CCI and 4 is for Markplex smoothed fast CCI.

The CCI itself is configured by the following inputs: CCILength, FastLength, SmoothLength and FastSmoothLength.

Program 44 applied to an @ES 3 minute chart. Click image to enlarge.

The CCI pivots are configured using LeftStrength and RightStrength. So, for example is LeftStrength were set 3 and RightStrength to 2, for high CCI pivot there would have to be 3 bars to the left of the pivot where the CCI value was less than the pivot CCI value and 2 bars to the right of the pivot where the CCI value was less than the pivot CCI value.

In the video example below I demonstrate a workspace where the indicator prints the words: ‘Ghost’ or ‘Bullghost’ on the price action shown on subgraph one when a pattern is confirmed. On subgraph 2 the various CCIs are plotted together with patterns highlighted and lines drawn across the ‘shoulders’ of the patterns. In order to achieve this configuration DrawText must be set to TRUE for the indicator applied to sub graph 1 and DrawText must be set to FALSE for the indicator applied to sub graph 2. A listing of the complete list of inputs may be found below.

Program 44 applied to a 5 minute @YM chart. Notice how the words are drawn on sub graph 1, and the patterns are highlighted on subgraph 2.

Provided user input: DrawText is set to false for bearish ghost patterns if low pivots are found between the high pivots, a line is drawn connecting these low pivots. Similarly for bullish ghost patterns if high pivots are found between the low pivots, a line is drawn connecting these high pivots.

The unprotected EasyLanguage indicator and protected smoothed CCI function are available for immediate download for $74.95 by clicking the ‘add to cart’ button. You can pay with credit card or PayPal.

Now includes Alert functionality.


As usual, Gold Pass members get an additional 20% discount off all program and tutorial prices. If you are a Gold Pass member make sure you enter the special coupon code to get 20% discount off these prices.

Program 44 applied to a GBPUSD Renko chart.

In this example the Separator input has been set to a value of 5 so that when bullish and bearish ghosts overlap, they are slightly separated.

Inputs

WhichCCI( 1 ), // 1 = Regular, 2 = Fast, 3 = Smoothed, 4 = Smoothed fast
DrawText( True ), // If set to true, text is drawn on cart but pattern highlights are not. If false text is not drawn on cart but pattern highlights are
LowerLine( -100 ), // Used to draw horizontal line at the user input level
UpperLine( 100 ), // Used to draw horizontal line at the user input level
ChosenCCICol( White ), // Color of chosen CCI
CCIColor( DarkGray ), // If ‘legacy’ CCI drawn, specify its color
ShowRegularCCI( TRUE ), // If TRUE ‘legacy’ CCI drawn
CCIFastColor( Red ), // Color of fast smoothed CCI
SmoothCCIColor( Cyan ), // Color of smoothed CCI
SmoothFastCCIColor( Magenta ), // Color of smoothed fast CCI
HorizLines( DarkGray ), // Color of horizontal lines
BearishCol( Red ), // Color of bearish ‘ghost’
BullishCol( Green ), // Color of bullish ‘ghost’
TextColor( White ), // Text color
CCILength( 14 ), // CCI length
FastLength( 6 ), // Length of ‘fast’ CCI
SmoothLength( 14 ), // Factor used to smooth CCI
FastSmoothLength( 14 ), // Factor used to smooth fast CCI
LeftStrength( 3 ), // Left strength of pivots
RightStrength( 1 ); // Right strength of pivots
Separator( 2 ); // Seperate bullish and bearish patterns by twice this amount

The unprotected EasyLanguage indicator and protected smoothed CCI function are available for immediate download for $74.95 by clicking the ‘add to cart’ button. You can pay with credit card or PayPal.

Now includes alert functionality.


As usual, Gold Pass members get an additional 20% discount off all program and tutorial prices. If you are a Gold Pass member make sure you enter the special coupon code to get 20% discount off these prices.

Video of program 44

The unprotected EasyLanguage indicator and protected smoothed CCI function are available for immediate download for $74.95 by clicking the ‘add to cart’ button. You can pay with credit card or PayPal.

Now includes Alert functionality.


As usual, Gold Pass members get an additional 20% discount off all program and tutorial prices. If you are a Gold Pass member make sure you enter the special coupon code to get 20% discount off these prices.

The program works by storing newly found CCI pivots in 2 arrays, a low pivot array and a high pivot array. Each time a new pivot is found it is compared with previously found pivots to see if a ghost pattern has occurred.

Program setup on MultiCharts

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