This multi-timeframe indicator is based on the idea of classical indicator CCI (Commodity Channel Index). As you know, CCI was developed to determine overbought and oversold levels. The CCI does this by measuring the relation between price and a moving average (MA), or, more specifically, normal deviations from that average.
This particular indicator shows the modified CCI data from higher timeframe ordered by an input parameter "TF". Green rhombus on the chart represent an UP trend and Red rhombus represent a DOWN trend.
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