Tipu CCI (Commodity Channel Index) Metatrader 4 Forex Indicator
The Tipu CCI MT4 forex indicator is very useful to generate short-term signals in the direction of the overall trend.
It plots a CCI histogram in a sub window below the main activity chart, blue for bullish short-term price movement and red for short-term bearish price movement.
This indicator provides you with the option (from the input tab) to display buy and sell arrows generated by CCI directly on the main trading chart.
How it works?
Blue arrows will appear when CCI crosses from below 0.00 to back above (short-term bullish).
Red arrows will appear when CCI crosses from above 0.00 to back below 0.00 (short-term bearish).
Tipu CCI works best together with a trend indicator, for example, moving averages, Bollinger Bands, ADMI,…
The EUR/USD H4 chart below displays the Tipu CCI forex indicator in action.
Basic Trading Signals
Signals from the Tipu CCI indicator are easy to interpret and goes as follows:
Buy Trade: Open buy order when Tipu CCI crosses back above 0.00 from below (first blue bar).
Sell Trade: Open sell order when Tipu CCI crosses back below 0.00 from above (first red bar).
Exit Trade: Close trades at an opposite signal, or use your own preferred exit method.
Tip: Use Tipu CCI with a trend-following indicator and trade only in the direction of the trend.
Bullish trend direction? Trade Tipu CCI buy signals, avoid sell signals.
Bearish trend direction? Trade Tipu CCI sell signals, avoid buy signals.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (CCI Settings, CCI Period, Applied Price, Overbought, Oversold, Signal Types, Alert Mobile, Alert Onscreen, Alert Email) 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 Tipu CCI.mq4 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)