The Double CCI Woody MT4 forex indicator is a very popular trading indicator based on CCI.
The indicator oscillates above and below its zero line.
Readings above the zero line are said to be bullish while readings below the zero line are said to be bearish.
The Double CCI Woody indicator is a great buy sell signals forex indicator.
It draws blue and red zones together with a signal line in a separate window below the main activity chart.
Blue zones are bullish and price is trending up. Red zones are bearish and price is trending down.
The signal line provides easy buy/sell entry points in the direction of the trend as indicated by the blue and red zones.
The Double CCI Woody indicator can be used as a standalone forex indicator or can be used together with other technical analysis tools.
The GBP/USD M30 chart below displays the Double CCI Woody forex indicator in action.
Basic Trading Signals
Signals from the Double CCI Woody forex indicator are easy to interpret and goes as follows:
Buy Signal: Go long when the Double CCI Woody indicator paints a blue trading zone. Alternatively, open long trade when the signal line goes back above 0.00 from below while a blue zone is present (buy on dips).
Sell Signal: Go short when the Double CCI Woody indicator paints a red trading zone. Alternatively, open short trade when the signal line goes back below 0.00 from above while a red zone is present (sell on rallies).
Trade Exit: Close the open trade 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
Customization options: Variable (TrendCCI_Period, EntryCCI_period, Trend_period, Zero_Cross_Alert) 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 double-cci-woody.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)