The Fx Sniper CCI Trigger indicator for Metatrader 5 is based on a proprietary trading method and identifies overbought and oversold market levels.
This indicator oscillates between the oversold -150 level and the overbought 150 level.
The Fx Sniper CCI Trigger indicator should be combined with a trend indicator (for instance, moving averages) to get the best out of it.
How to spot oversold and overbought market levels with it?
- The market is oversold when the Fx Sniper CCI Trigger indicator touches the -150 level.
- The market is overbought when the Fx Sniper CCI Trigger indicator touches the 150 level.
The indicator contains the following inputs and parameters: period Q, period R, period S, trigger, method, overbought (150), oversold (-150).
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 Fx Sniper CCI Trigger indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Fx Sniper CCI Trigger Indicator?
Find a simple trading example below:
- A buy signal is given when the indicator touches the -150 oversold level and the overall trend is upward.
- Open a buy trade and place your stop loss below the most recent swing low zone.
- Close the buy trade for a fixed take profit target of your preference, or wait for a sell signal.
- A sell signal is given when the indicator touches the 150 overbought level and the overall trend is downward.
- Open a sell trade and place your stop loss above the most recent swing high zone.
- Close the sell trade for a fixed take profit target of your preference, or wait for a 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 Fx_Snipers_Ergodic_CCI_Trigger.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