The Commodity Channel Index (CCI) Forex signals indicator for Metatrader 5 delivers buy and sell signals for any currency pair.
The indicator appears in a separate chart window as a colored Donchian channel and the actual CCI trading signals.
The indicator reveals bullish and bearish trends as follows:
- A bullish trend occurs when the CCI signal line turns back to green color.
- A bearish trend occurs when the CCI signal line turns back to orange color.
The following indicator inputs can be modified: CCI period, price, price smoothing period, method, Donchian channel period.
The CCI Forex signals indicator works the best for scalpers and day traders.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames, Forex pairs and any other trade instrument.
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The following chart shows how the CCI Forex signals indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The CCI Forex signals Indicator?
Find a simple trading example below:
- A buy signal is given when the CCI signal line turns back to green color from gray.
- Open a buy trade and place your stop loss 2-3 pips below short-term support.
- Exit the buy trade for a fixed take profit target of your preference, or wait for the next sell signal.
- A sell signal is given when the CCI signal line turns back to orange color from gray.
- Open a sell trade and place your stop loss 2-3 pips above short-term resistance.
- Exit the sell trade for a fixed take profit target of your preference, or wait for the next buy signal.
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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 (mimic).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