This is a requested update of this script. This is a standard CCI indicator that shows a coloured histogram of important CCI levels, giving a good visual of the CCI levels. Added to this version is an extra coloured level +/-200 and an option to calculate CCI with EMA instead of the standard SMA.
CCI LEVELS:
Light Green - Greater than 0 and less than 100.
Green - Greater than 100 and less than 200.
Aqua - Greater than 200.
Light Red - Less than 0 and greater than -100.
Red - Less than -100 and greater than -200.
Magenta - Less than -200.
If you would like different colour arrangement just change them in the "Style" settings of the indicator.
CCI calculation correction, according to the definitions I have for CCI calculation line 34 should read:
CCI = (src - ma) / (0.015 * dev((src - ma),len))
Sorry for the mistake, I used the calc from another script, I did not check it.
JustUncleL
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@JustUncleL, Be aware the TradingView built-in CCI indicator also uses the CCI formula used in my script, which does not follow the traditional formula. If anyone can explain why there is a formula difference please comment.