The CCI Turbo indicator for MT5 is a valuable buy/sell technical tool to Forex traders composed of an enhanced CCI and LSMA.
It gets displayed in a dedicated chart window as green and red colored histogram bars that fluctuate above and below the 0 level.
How to spot the buy and sell trend with the CCI Turbo indicator?
- Green colored histogram bars represent a buy trend.
- Red colored histogram bars represent a sell trend.
The following indicator inputs and variables can be modified: CCI calculation period, turbo CCI, LSMA period, EMA parameters, applied price, drawing position, etc.
Before implementing the CCI Turbo indicator in live trading, familiarize yourself with its workings and conduct thorough testing on a demo account.
Tip: you can combine this indicator with other technical analysis tools to increase the probability of successful Forex trades.
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The picture below shows how the CCI Turbo indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The CCI Turbo Indicator?
Find a simple trading example below:
- The first green CCI Turbo histogram bar above 0 is your buy trade entry signal.
- Initiate a buy transaction and set a stop order below support.
- Exit the buy trade for a fixed take profit target, for example, +20 pips on the M5 chart.
- Optional: hold the buy trade until a sell signal gets displayed on the chart.
- The first red CCI Turbo histogram bar below 0 is your sell trade entry signal.
- Initiate a sell transaction and set a stop order above resistance.
- Exit the sell trade for a fixed take profit target, for example, +12 pips on the M1 chart.
- Optional: hold the sell trade until a buy signal gets displayed on the chart.
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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 lnx_cci.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