The CCI Woodies indicator for Metatrader 5 is composed of the 14-period Commodity Channel Index and delivers momentum based trading signals.
It also uses some moving averages (EMA, LSMA) in its calculations for better trend prediction.
CCI Woodies shows up in the chart as an oscillator without upper or lower limits.
How to spot the FX trend with this tool?
- A buy trend occurs when the green colored CCI Woodies histogram is displayed in the chart.
- A sell trend occurs when the red colored CCI Woodies histogram gets displayed in the chart.
The following indicator inputs and parameters can be modified: CCI calculation period, turbo CCI parameters, LSMA trend, EMA trend, applied price, EMA drawing position.
The indicator works for any trading instrument (Forex, Stocks, Indices, Metals, etc.) that can be loaded into the Metatrader 5 platform.
Make yourself familiar with this technical indicator and test it first on a demo account before using it on a real trading account.
Some currency traders combine CCI Woodies with other signals and indicators.
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CCI Woodies.mq5 Indicator (MT5)
Chart Example
The following chart shows how the CCI Woodies indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The CCI Woodies Technical Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is formed when the green colored histogram appears on the chart.
- Open a buy trade and place your stop loss below support.
- Exit the buy trade for a risk/reward ratio of at least 1 or better.
Sell Signal
- A sell signal is formed when the red colored histogram appears on the chart.
- Open a sell trade and place your stop loss above resistance.
- Exit the sell trade for a risk/reward ratio of at least 1 or better.
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CCI Woodies.mq5 Indicator (MT5)
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 Woodies.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 in 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