The CCI OBOS Crossover Metatrader 5 forex indicator adopts the Overbought/Oversold (OBOS) and standard CCI indicators.
When these indicator lines cross each other, the CCI OBOS Crossover indicator places signal dots on the price chart.
The signal dots are filled green and red by default, but we had to change them to blue and yellow respectively for a better visual contact.
In this case, when the OBOS line crosses the CCI upwards, a blue signal label is spotted on the buy candle open price.
While a yellow signal label gets placed on a sell candle open price when the OBOS line crosses the CCI downwards.
The EUR/CAD H1 chart below displays the CCI OBOS Crossover Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the blue signal label of the CCI OBOS Crossover Metatrader 5 forex indicator pops up on the activity chart.
Sell Signal: Go short when the yellow signal label of the CCI OBOS Crossover Metatrader 5 forex indicator pops up on the price chart.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the yellow signal label of the CCI OBOS Crossover indicator gets put on display.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the blue signal label of the CCI OBOS Crossover indicator pops up.
Tips: The CCI OBOS Crossover indicator is quite simple, and is based on the assumption that price dips from an overbought level and rises from an oversold level as well.
Scalpers and day traders will find this tool very useful in a choppy market.
For swing trading purposes, add a longer-term period trend following indicator to the chart and trade signals from the CCI OBOS MT5 indicator in the overall direction of the trend.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (OBOS period, CCI period, Use OB/OS filter, Overbought, Oversold), Colors (CCI OBOS Up=Blue, CCI OBOS Down=Yellow), width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend | overbought/oversold
Copy and paste the CCI_OBOS_Crossover.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)