The Colored Woodie CCI Metatrder 4 Forex Indicator is a technical tool that is built on two CCI indicators with varying parameters.
The indicator does not have lower or upper limits.
It’s usable in spotting a number of tradable CCI patterns that are both for and against the prevailing trend.
Ideally, this indicator is best suited for trend markets and it’ll make sense opening positions in the direction of the predominant trend.
- Trend is said to be ascending if the histograms are printed above the zero signal level and are filled blue, while trend is said to be descending when the histograms are printed below the zero horizontal level and are filled red.
- More attention should be given to the colored histograms that are printed within the indicator’s sub-window.
- Just as seen in any other indicator, trading signals in the direction of the major trend are better executed by the market.
Feel free to explore the Colored Woodie CCI Forex indicator’s different parameters and settings to create your own personalized indicator setup.
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Colored Woodie Forex Indicator Chart (AUD/NZD M30 Chart Example)
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
Finding Buy and Sell Triggers With The Colored Woodie CCI MT4 Indicator
Buy Signal: Go long when the Colored Woodie CCI MT4 indicator prints blue ascending histograms above the zero-signal level.
When the Ichimoku Kinko Hyo indicator prints sandy brown cloud somewhat below the price bars, it is a buy confirmation.
Sell Signal: Go short when the Colored Woodie CCI MT4 indicator prints red descending histograms below the zero-signal level.
When the Ichimoku Kinko Hyo indicator prints thistle cloud fairly above the price bars, it is a sell confirmation.
Exit buy trade: Close all buy orders if while a bullish trend is running, the Colored Woodie CCI indicator prints a dim gray histogram below the 0.00 horizontal level. Else, close buy orders when the Ichimoku Kinko Hyo Indicator prints a thistle cloud on the chart window.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the Colored Woodie CCI indicator prints a dim gray histogram above the 0.00 horizontal level. Else, close sell orders when the Ichimoku Kinko Hyo prints a sandy brown cloud on the chart window.
Tips: The Colored Woodie CCI indicator is an interesting forex trading indicator.
Combining this indicator with other MT4 indicators like the Ichimoku Kinko Hyo produces amazing results.
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A Period, b period, neutral, number bars.
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Trend
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.