The CCI Signals forex indicator for Metatrader 4 is based on the very popular CCI (Commodity Channel Index) technical analysis indicator.
CCI is used in many forex systems and strategies.
This special version of the traditional CCI indicator displays buy and sell arrows on the activity chart.
Red arrows to sell and green arrows to buy.
The CCI Signals indicator uses oversold (-100) and overbought (100) trading levels to generate its buy and sell arrows.
- A green arrow appears when CCI reaches the -100 extreme oversold trading level
- A red arrow appears when CCI reaches the 100 extreme overbought trading level
The CCI Signals forex indicator works great in range-bound markets, however, it will fail in trending markets.
Therefore, combine it with a trend following forex indicator such as the 100 period SMA or the 75 period EMA.
Price above the trend following 100 SMA or 75 EMA? Only trade the green oversold CCI Signals arrows and ignore the red overbought arrows.
Price below the trend following 100 SMA or 75 EMA? Only trade the red overbought CCI Signals arrows and ignore the green oversold arrows.
The default indicator settings can be fully modified from the indicator’s input tab.
The USD/CHF H4 chart below displays the CCI Signals Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the CCI Signals Metatrader 4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Go long when the CCI Signals indicator paints a green buy arrow on the activity chart.
Sell Signal: Go short when the CCI Signals indicator paints a red sell arrow on the activity chart.
Trade Exit: Close the open buy/sell forex position when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (CCI Period, CCI Price, levelOs, levelOb, Alerts) 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-signals.mq4 indicator 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)