The super Woodies CCI indicator for Metatrader 5 was introduced by Ken Wood and makes the classic CCI indicator (Donald Lambert) more effective and accurate.
It’s a versatile technical analysis tool primarily used to identify overbought and oversold market conditions.
However, it can also be used as a pretty accurate trading signals indicator.
The basics of the Woodies CCI indicator explained:
- The market is overbought when the indicator reaches or surpasses 100.
- The market is oversold when the indicator reaches or surpasses -100.
- The market is extremely overbought when the indicator reaches or surpasses 200.
- The market is extremely oversold when the indicator reaches or surpasses -200.
The indicator contains the following inputs and parameters: fast CCI period, slow CCI period, price.
Gain confidence in utilizing this technical tool and test it first on a demo account for an extended period and remember to have realistic expectations.
Super Woodies CCI, like any other technical indicator, cannot guarantee 100% accuracy.
Free Download
woodiescci.mq5 Indicator (MT5)
Chart Example
The image below shows how the super Woodies CCI looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Utilizing The Super Woodies CCI Forex Indicator?
Find a simple trading example below:
Buy Signal
- Buy market condition: the market must demonstrate a clear uptrend.
- Initiate a buy trade when the Woodies CCI indicator touches the -100 oversold level.
- Set a stop order below the most recent swing low point.
- Exit the buy trade for a risk-to-reward ratio of 1.5 or higher.
Sell Signal
- Sell market condition: the market must demonstrate a clear downtrend.
- Initiate a sell trade when the Woodies CCI indicator touches the 100 overbought level.
- Set a stop order above the most recent swing high point.
- Exit the sell trade for a risk-to-reward ratio of 1.5 or higher.
