The Double CCI Woodies forex indicator for MetaTrader4 is built on two CCIs. Understanding that the CCI is a momentum indicator is key in understanding the DoubleCCI_Woodies indicator.
The CCI indicator in its original design is tailored to aid traders spot when a market is overbought or oversold, and it is expected to see a directional reversal and retracement.
The Double CCI Woodies indicator is prevalent with futures traders but also works well very on the forex market.
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Example Chart
The parameter settings on the DoubleCCI_Woodies indicator allow for the tweaking of colors, CCIs period and you can also add alerts. The chart has a grey and blue CCI.
We also have histograms in the shapes of green, red, gold, and black. The green color denotes a bullish trend, while the red color denotes a bearish trend. The default setting for the DoubleCCI_Woodies indicator is 14, 6 periods.
If the blue CCI breaks above the zero line it indicates a bullish signal, while if the blue CCI line breaks below the zero line it is an indication that the price is bearish. To be able to filter the signals, then you must wait for the blue CCI to cross above the zero line when the histogram is green (bullish alert), and you should also wait for the blue CCI line to cross below the zero line when the histogram is red (bearish signal).
Another important point worthy of note is the extreme levels of 200 and -200 on the DoubleCCI_Woodies indicator – these regions are usually not good to open positions as they tend to signal the end of the trends.
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Download the “DoubleCCI_Woodies.ex4” MT4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (TrendCCI_Period, EntryCCI_Period, Zero_Cross_Alert, Automatic_Timeframe_Setting, M1_TrendCCI_Period, M1_EntryCCI_Period, M5_TrendCCI_Period, M5_EntryCCI_Period, M15_TrendCCI_Period, M15_EntryCCI_Period, M30_TrendCCI_Period, M30_EntryCCI_Period, H1_TrendCCI_Period, H1_EntryCCI_Period, H4_TrendCCI_Period, H4_EntryCCI_Period, D1_TrendCCI_Period, D1_EntryCCI_Period, W1_TrendCCI_Period, W1_EntryCCI_Period, MN_TrendCCI_Period, MN_EntryCCI_Period), Colors, width & Style.
Time frames: 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: momentum oscillator