CCI Variation Metatrader 5 Forex Indicator
The CCI Variation Metatrader 5 forex indicator is a Commodity Channel Index oscillator that was originally introduced by Donald Lambert in 1980.
This version makes use of a colored line that changes to medium sea green upon breaking above the zero signal level (bull trend), and to orange red once the line breaks below the zero signal level (bear trend).
Regardless of whether an ATR or standard deviation is used for the calculation, the crosses of the zero line will stay exactly the same as with the traditional CCI.
However, the slope and levels of the CCI variation indicator are not the same as those of the standard CCI indicator.
The EUR/CAD H4 chart below displays the CCI Variation Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the line of the CCI variation Metatrader 5 forex indicator turns medium sea green, while breaking above the zero signal level.
Sell Signal: Go short when the line of the CCI variation Metatrader 5 forex indicator turns orange red, while breaking below the zero signal level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the line of the CCI variation indicator falls below the zero center line.
Exit sell trade: Close all sell orders if while a bearish trend is running, the line of the CCI variation indicator breaks above the zero signal level.
Tips: The CCI Variation MT5 indicator catches the inferred behavior of traders in the market. Considering its simple form, users won’t find it much of a problem interpreting.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable [Period, Smoothing period (<= 1 for no smoothing), Price, Calculation method, Color changing method], Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the CCI variation.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)