The CCI Breakout Histogram indicator for Metatrader 5 is a standalone Forex trading tool offering precise trade entry points in both trending and sideways moving markets.
This indicator performs well across any time frame and suits scalpers and day traders the best.
Buying and selling currency pairs is a straightforward process and works as follows:
- A buy signal is confirmed when the first blue-colored CCI breakout bar appears above the 0 level.
- A sell signal is confirmed when the pink-colored CCI breakout bar appears below the 0 level.
The indicator includes several inputs and parameters, such as CCI period, extreme levels, colors, etc.
Before implementing it in live trading, it’s advisable to become familiar with this technical indicator and thoroughly test it on a demo account for an extended period.
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The picture below illustrates the CCI Breakout Histogram indicator when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Using The CCI Breakout Histogram Indicator?
Find a simple trading strategy below:
- A buy signal is generated when the blue-colored CCI breakout bar is shown on the chart.
- Open a buy market order and set a protective stop loss below the most recent support level.
- Close the buy transaction for a predetermined profit target that suits your preference.
- Alternatively: await a sell signal to close the buy trade.
- A sell signal is generated when the pink-colored CCI breakout bar is shown on the chart.
- Open a sell market order and set a protective stop loss above the most recent resistance level.
- Close the sell transaction for a predetermined profit target that suits your preference.
- Alternatively: await a buy signal to close the sell trade.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the cci-histogram-round.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click on the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale, and visualization
- Finally, click the OK button to save the new configuration