The Recursive CCI Metatrader 5 Forex indicator has the ability to compute the CCI or CCI or CCI….. way up to the 25th level.
When using level 1, it offers the same results as seen on the regular CCI.
Sequel to that is the CCI of CCI, which is computed and the sequence continues (where every step deploys the previous step CCI value rather than price – which implies calculating CCI of CCI rather than CCI of price).
The levels on the Recursive CCI MT5 custom forex indicator are limited to 25 purely for practical purposes (where the CCI becomes unrecognizable following some levels, but this can be extended in the code to compute CCI to any level quickly).
The EUR/JPY H4 chart below displays the Recursive CCI Metatrader 5 forex indicator in action
Basic Trading Signals
Buy Signal: Go long if the filled or un-dotted line of the Recursive CCI MT5 indicator breaks above the zero level.
Sell Signal: Go short if the filled or un-dotted line of the Recursive CCI Metatrader 5 forex indicator dips below the zero level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the line of the Recursive CCI MT5 custom fx indicator breaks below the zero level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the line of the Recursive CCI Metatrader 5 forex indicator surges above the zero level.
Tips: When the un-dotted line of the Recursive CCI turns lime green or deep pink, it is a signal that suggests price is strongly bullish or bearish respectively.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Time frame, CCI calculating period, Price, CCI level, Price smoothing, Price smoothing method, Levels period (<0 no levels, 0 same as CCI period, Levels up level %, Levels down level %, Levels type, Color change on:, Turn alerts on?, Alert on current bar?, Display messages on alerts?, Play sound on alerts?, Send email on alerts?, Send push notification on alerts? 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
Copy and paste the Recursive_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)