The Woodies CCI Metatrader 4 forex indicator is a technical indicator that was named after its founder, Ken Wood, who is also known to be among one of the world’s most renowned traders.
The Woodies CCI indicator is a momentum indicator that was built based on the 14-period Commodity Channel Index (CCI).
As a limitless oscillator, the Woodies CCI has a base value of 0, with no lower or upper limit.
The main essence of the Woodies CCI indicator is to help users’ spot probable levels where a fresh trend might kickoff.
Critical levels on the Woodies CCI indicator are the +/- 100 levels which act as weak support and resistance levels, while the +/- 200 levels represent the overbought and oversold regions.
The CAD/JPY M30 chart below displays the Woodies CCI Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the deep sky blue line of the Woodies CCI Metatrader 4 forex indicator breaks above the -200 level (oversold region).
Sell Signal: Go short when the deep sky blue line of the Woodies CCI Metatrader 4 forex indicator breaks below the +200 level (overbought region).
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the deep sky blue line of the Woodies CCI indicator enters the overbought zone (above the +200 level).
Exit sell trade: Close all sell orders if while a bearish trend is running, the deep sky blue line of the Woodies CCI indicator enters the oversold region (below the -200 level).
Tips: The Woodies CCI indicator can be used to spot a number of tradable CCI patterns inclusive of those with the trend and counter-trend, such as the trendline break.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (A_period, B_period, num_bars), width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend | momentum
Copy and paste the woodies-cci.ex4 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)