The GG-RSI-CCI indicator for MetaTrader4 is technical tool that combines both the Relative Strength Index (RSI) and the Commodity Channel Index (CCI) into one technical tool.
The RSI on one hand is a momentum oscillator that gauges the change and speed of price actions, while the CCI on the other hand is deployed in determining cyclical trends in currencies, equities and also commodities. The GG-RSI-CCI indicator displays is a separate window below the activity chart and fluctuates between “0” and “1.5.”
The primary function of the RS is to determine overbought and oversold conditions for a currency pair, while the CCI concentrates on typical deviations from a currency pairs moving average price to determine divergences from the usual trend cycles.
Working the both indicators together is the GG-RSI-CCI indicator that makes spotting of bullish and bearish divergences a lot easier. As such trend reversals are adequately taken care of via this reliable tool.
The GG-RSI-CCI can also help traders determine potential peaks and valleys in an asset’s price. If during a downtrend/uptrend the GG-RSI-CCI indicator forms gold bars, it is highly likely that price has hit its extreme and might be in heading for a reversal.
The YellowGreen bars of the GG-RSI-CCI indicator signals a bullish trend, while the OrangeRed bars are an indication that price is heading south i.e. a bearish signal. The gold bars represents periods of low volume in the market.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (Avg_Period1, Avg_Period2, Ind_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