Flower Indicator for Reversal Signals and Oscillator-Based Zones

Summary

The Flower indicator combines a smoothed price oscillator with support and resistance levels derived from the Commodity Channel Index (CCI). Its oscillator uses an average of high, low, and closing prices, then smooths and scales deviations from a moving average. The script displays colored oscillator candles and marks readings that cross its stated overbought or oversold thresholds. It also calculates two lines from the recent CCI range, presented as potential support and resistance zones.

The document describes the indicator’s intended use for spotting possible reversals and accumulation or distribution areas, and says its settings can be adjusted for different instruments and timeframes. It provides implementation details but no chart examples, backtest, or performance evidence. The thresholds and levels should therefore be treated as visual signals, not validated trading rules. The code is identified as compatible with ProRealTime version 10.3; its parameter choices and behavior may require adaptation and platform-specific verification.

Key ideas

• The indicator smooths and scales price deviations to create an oscillator displayed as colored candles.
• It marks oscillator readings beyond stated overbought and oversold thresholds.
• It derives potential support and resistance lines from the recent range of CCI values.
• The author presents the levels as adaptable across instruments and timeframes, without supplying performance evidence.
• The code is specified for ProRealTime version 10.3.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.