MTF stands for multiple time frame, the CCI MTF Oscillator MT4 forex indicator follows the short-term trend.
The indicator oscillates above and below the zero mark levels whereas above is considered short-term bullish and below short-term bearish.
It’s a great oscillator if you like to take advantage of short-term buy and sell trade market opportunities.
This works for scalping!
A scalping buy signal occurs when the CCI MTF oscillator indicator crosses back above the zero mark from below.
A scalping sell signal occurs when the CCI MTF oscillator indicator crosses back below the zero mark from above.
For other trading purposes (day trading and swing trading), use in agreement with a trend following forex indicator and trade CCI signals in the direction of the overall trend.
Trend up? Trade the positive CCI oscillator crosses (above the zero mark).
Trend down? Trade the negative CCI oscillator crosses (below the zero mark).
The default CCI MTF oscillator period is set to 12 but can be modified from the indicator’s inputs tab.
The EUR/USD 1-Hour chart below displays the CCI MTF Oscillator Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the CCI MTF Oscillator MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open long trade when the CCI MTF Oscillator crosses back above the zero mark neutral level from below.
Sell Signal: Open short trade when the CCI MTF Oscillator crosses back below the zero mark neutral level from above.
Trade Exit: Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (CCI periods, time frame) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the cci-mtf-oscillator.mq4 into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)