The Woodies CCI Metatrader 5 forex indicator is a momentum indicator that was designed by Ken Woods.
The indicator is based on the 14-period Commodity Channel Index (CCI).
In addition, the indicator is completely an unbound oscillator with a base value of 0, with no lower or upper limit.
A number of forex traders deploy the Woodies CCI indicator to detect a couple of tradable CCI patterns that are equally with and against the trend, such as the trendline break, the reverse divergence and the zero line reject.
The EUR/CAD H4 chart below displays the Woodies CCI Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the histograms (dark orange, gray & blue) of the Woodies CCI Metatrader 5 forex indicator gets aligned above the zero signal line.
Sell Signal: Go short when the histograms (dark orange, gray & blue) of the Woodies CCI Metatrader 5 forex indicator gets placed below the zero signal line.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the Woodies CCI indicator pops up a histogram below the zero signal level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the Woodies CCI indicator pops up a histogram above the zero signal level.
Tips: The 200 level above or below the zero center line signals is an extreme reading, where price is said to be either really overbought or oversold respectively.
The Woodies CCI should be deployed in combination with other technical indicators, especially for scalping and day trading.
To get an isolated view of the histograms, the WoodiesCCI Signal MT5 color is changed to “none” for both colors within the indicator’s Color setting tab.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Fast CCI period, Slow CCI period, Price), 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 woodiescci.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)