CCI Colored Buy/Sell Trend Metatrader 4 Forex Indicator
The CCI colored buy/sell trend indicator for Metatrader 4 is an easy to follow CCI (Commodity Channel Index) based buy/sell short-term trading indicator.
The indicator is composed of red and blue bars that appear in a separate trading window below the main MT4 chart.
- Blue CCI bars suggest the short-term trend is going up.
- Red CCI bars suggest the short-term trend is going down.
The CCI buy/sell indicator moves between +200 and -200 extreme values.
Use the CCI buy/sell indicator together with a longer-term trend-following indicator for better results.
Combine for example with:
- 200 period simple moving average
- 100 exponential moving average
And so on…
Trade CCI signals in the direction of the underlying trend.
When price trades for example above the 200 period SMA, trade the blue bars and avoid the red bars.
The opposite occurs when the underlying trend is negative.
Feel free to experiment with the different indicator’s inputs settings to suit your needs and preferences.
The EUR/USD daily chart below displays the CCI colored buy/sell trend Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the CCI colored buy/sell trend MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Buy the currency pair when the CCI bars change color from red to blue. The short-term trend is now upward.
Place a stop loss below short-term support or use your own preferred SL method.
Sell Signal: Sell the currency pair when the CCI bars change color from blue to red. The short-term trend is now downward.
Place a stop loss above short-term resistance or use your own preferred SL method.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Type: CCI oscillator
Copy and paste the !!!-MT4 X-CCI TREND-03.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)