Woodies CCI Metatrader 4 Forex Indicator

The Woodies CCI Metatrader 4 forex indicator is a technical indicator that was named after its founder, Ken Wood, who is also known to be among one of the world’s most renowned traders.

The Woodies CCI indicator is a momentum indicator that was built based on the 14-period Commodity Channel Index (CCI).

As a limitless oscillator, the Woodies CCI has a base value of 0, with no lower or upper limit.

The main essence of the Woodies CCI indicator is to help users’ spot probable levels where a fresh trend might kickoff.

Critical levels on the Woodies CCI indicator are the +/- 100 levels which act as weak support and resistance levels, while the +/- 200 levels represent the overbought and oversold regions.

Free Download

Download the “woodies-cci.ex4” MT4 indicator

Example Chart

The CAD/JPY M30 chart below displays the Woodies CCI Metatrader 4 forex indicator in action.

Basic Trading Signals

Buy Signal: Go long when the deep sky blue line of the Woodies CCI Metatrader 4 forex indicator breaks above the -200 level (oversold region).

Sell Signal: Go short when the deep sky blue line of the Woodies CCI Metatrader 4 forex indicator breaks below the +200 level (overbought region).

Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the deep sky blue line of the Woodies CCI indicator enters the overbought zone (above the +200 level).

Exit sell trade: Close all sell orders if while a bearish trend is running, the deep sky blue line of the Woodies CCI indicator enters the oversold region (below the -200 level).

Tips: The Woodies CCI indicator can be used to spot a number of tradable CCI patterns inclusive of those with the trend and counter-trend, such as the trendline break.

Download

Download the “woodies-cci.ex4” Metatrader 4 indicator

MT4 Indicator Characteristics

Currency pairs: Any

Platform: Metatrader 4

Type: chart window indicator

Customization options: Variable (A_period, B_period, num_bars), width & Style.

Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month

Type: trend | momentum

Installation

Copy and paste the woodies-cci.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)

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