The CCI Color Forex indicator for Metatrader 5 is a popular momentum oscillator that measures overbought and oversold market conditions.
CCI stands for Commodity Channel Index.
The indicator oscillates above and below zero and uses a built in signals alert system that works as follows:
- A blue CCI line indicates a bullish trend.
- A red CCI line indicates a bearish trend.
For best trading results, utilize the CCI color indicator during the most volatile trading sessions.
The following indicator inputs can be modified: averaging period, level up, level down, style, colors.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the CCI Color indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The CCI Color Forex Indicator?
Find a simple trading example below:
- A bullish signal occurs when the blue CCI line pops up on the chart.
- Open a buy trade and place a stop loss below short-term support.
- Close the buy trade for a fixed take profit target or wait for the red reversal CCI signal line.
- A bearish signal occurs when the red CCI line pops up on the chart.
- Open a sell trade and place a stop loss above short-term resistance
- Close the sell trade for a fixed take profit target or wait for the blue reversal CCI signal line.
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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 CCI Color.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