The Schaff Trend Cycle + CCI indicator for Metatrader 5 combines the Schaff oscillator with the Commodity Channel Index (CCI) and delivers solid trade entry and take profit signals.
This indicator also includes a smoothing period for better trend prediction.
The Schaff Trend Cycle + CCI should work great as a standalone tool for scalpers and day traders.
Swing traders should trade with it in agreement with the longer-term trend.
How do the buy/sell signals work?
- A green colored signal line predicts a bullish trend.
- A red colored signal line predicts a bearish trend.
The indicator contains the following inputs and parameters: schaff period, cci period, smoothing period, price.
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 Schaff Trend Cycle + CCI Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Schaff Trend Cycle + CCI Indicator?
Find a simple trading example below:
- A buy signal is given when the green colored signal line gets displayed on the chart.
- Open a buy transaction and place your stop loss below immediate support.
- Close the buy trade for 7-15 pips profit, or wait for a sell signal.
- A sell signal is given when the red colored signal line gets displayed on the chart.
- Open a sell transaction and place your stop loss above immediate resistance.
- Close the sell trade for 7-15 pips profit, 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 Schaff trend cycle – 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