The super Woodies CCI indicator for Metatrader 5 was introduced by Ken Wood and makes the classic CCI indicator (Donald Lambert) more effective and accurate.
It’s a versatile technical analysis tool primarily used to identify overbought and oversold market conditions.
However, it can also be used as a pretty accurate trading signals indicator.
The basics of the Woodies CCI indicator explained:
- The market is overbought when the indicator reaches or surpasses 100.
- The market is oversold when the indicator reaches or surpasses -100.
- The market is extremely overbought when the indicator reaches or surpasses 200.
- The market is extremely oversold when the indicator reaches or surpasses -200.
The indicator contains the following inputs and parameters: fast CCI period, slow CCI period, price.
Gain confidence in utilizing this technical tool and test it first on a demo account for an extended period and remember to have realistic expectations.
Super Woodies CCI, like any other technical indicator, cannot guarantee 100% accuracy.
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The image below shows how the super Woodies CCI looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Utilizing The Super Woodies CCI Forex Indicator?
Find a simple trading example below:
- Buy market condition: the market must demonstrate a clear uptrend.
- Initiate a buy trade when the Woodies CCI indicator touches the -100 oversold level.
- Set a stop order below the most recent swing low point.
- Exit the buy trade for a risk-to-reward ratio of 1.5 or higher.
- Sell market condition: the market must demonstrate a clear downtrend.
- Initiate a sell trade when the Woodies CCI indicator touches the 100 overbought level.
- Set a stop order above the most recent swing high point.
- Exit the sell trade for a risk-to-reward ratio of 1.5 or higher.
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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 woodiescci.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