The Lnx CCI Metatrader 5 forex indicator is a version of the famous Woodies CCI with correct implementation of trend changing rules (the “infamous” yellow bar that must appear at a bar that rigorously adheres to the woodies rules.
The slopes of the EMA and LSMA (linear regression value) are added to the Lnx CCI MT5 forex indicator as colored lines that are adding information to decision making when the Woodies CCI is deployed (basically three indicators are deployed but here we are using an all-in-one version).
The implementation of the Woodies system allows it to be used mainly on the 5 minute charts, as such, the lnx_cci Metatrader 5 Forex indicator should be used with the default parameters on the 5 minutes charts as well.
For those that will love to use the lnx_cci MT5 Forex custom indicator on other timeframes, it is advised that some parameters tweaking be set in motion for it to fit the varying timeframes.
The EUR/JPY M5 chart below displays the lnx_cci Metatrader 5 forex indicator in action
Basic Trading Signals
Buy Signal: Go long when the histograms and the mid-section horizontal bar of the lnx_cci Metatrader 5 indicator turns green.
Sell Signal: Go short when the histograms and the mid-section horizontal bar of the lnx_cci Metatrader 5 forex indicator turns red.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the dim gray line of the lnx_cci MT5 fx custom indicator breakd below the zero level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the dim gray line of the lnx_cci MT5 fx custom indicator breakd above the zero level.
Tips: Scalpers should take advantage of the robustness of the lnx_cci Metatrader 5 forex indicator when deploying a profitable strategy.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (CCI calculation period, Numbers of bars determining trend, Turbo CCI parameters, Show turbo CCI, Turbo CCI calculation period, LSMA parameters, Show LSMA trend, LSMA period, LSMA applied price, LSMA drawing position, EMA parameters, Show EMA trend, EMA period, EMA applied price, EMA drawing position), 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 lnx_cci.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)