The Schaff Trend CCI Forex indicator for Metatrader 5 is an interesting oscillator that helps currency traders identifying powerful trade entries and exits.
The indicator is composed of the Commodity Channel Index and custom built moving averages.
It appears as a colored line that oscillates above and below the neutral zero level.
Understanding the indicator:
- A buy trend is in place when the Shaff Trend CCI oscillator moves back above 0.
- A sell trend is in place when the Shaff Trend CCI oscillator moves back below 0.
- A trading signal occurs when the signal line crosses back above or below the 0 level.
The following indicator inputs and parameters can be modified: CCI period, fast EMA period, slow EMA period, price (close price).
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
It supports all time frames and Forex pairs.
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The following chart shows how the Schaff Trend CCI indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Schaff Trend CCI Indicator?
Find a simple trading example below:
- A buy signal is given when the Shaff Trend CCI line crosses the zero level bottom up.
- Open a buy trade and place a stop loss order below short-term support.
- Exit the buy trade for a fixed take profit or reverse the trade when the signal line crosses back below 0.
- A sell signal is given when the Shaff Trend CCI line crosses the zero level top down.
- Open a sell trade and place a stop loss order above short-term resistance.
- Exit the sell trade for a fixed take profit or reverse the trade when the signal line crosses back above 0.
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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 Schaff trend 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