The CCI squeeze mtf custom MT5 forex trading indicator is a combination of two celebrated technical studies i.e. the CCI and moving average.
The indicator has the ability to estimate the direction strength of the prevailing market trend.
There are essentially for basic types of averages that can be deployed i.e. the simple moving average, exponential moving average, linear weighted moving average and the smoothed moving average.
The CCI Squeeze indicator is a standalone multi timeframe version that supports virtually all the possible timeframes found on the MetaTrader 5 and comes along with “3 distinct” timeframes.
The distinct timeframes includes the following:
- Next higher timeframe: first higher timeframe compared to active chart.
- Second higher timeframe: second higher timeframe compared to active chart.
- Third higher timeframe: third higher timeframe compared to active chart.
If any of these timeframes gets used, it is therefore set automatically as you move across timeframes on the activity chart.
The following conditions are used to define bullish markets:
- If the lime green line of the CCI squeeze mtf indicator break above the zero line, price is said to be driven to the upside i.e. bullish sentiment.
- If the histograms of the CCI squeeze mtf indicator is above the zero level and turns olive, price is said to be mildly bullish, while a lime green histogram suggests price is strongly bullish.
The following conditions are used to describe bearish markets:
- If the dark orange lie of the CCI squeeze mtf indicator break below the zero line, price is said to be driven to the downside i.e. bearish sentiment.
- If the histograms of the CCI squeeze mtf indicator is below the zero level and turns dark orange, price is said to be mildly bearish, while an orange red filled histograms indicates a strongly bearish market.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Time frame, CCI period, CCI price, Average period, Average method, Average price, “Interpolate in multi time frame mode?”), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month, Next higher timeframe, Second higher timeframe, Third higher timeframe
Copy and paste the CCI squeeze mtf.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)