CCI Arrows MetaTrader indicator | FREE Forex Trading Indicator
CCI Arrows MetaTrader indicator will indicate where the CCI cross with the zero occurs (with a red or blue arrow) to assist you in deciding whether to go short or long. It has a low lag and a high level of accuracy. This simple indicator is a good option for traders who prefer to keep things simple and despise complex indicators. The indicator is available for both MT4 and MT5.
- CCI_Period (default = 14) — the period of the CCI that is used in this indicator. The higher is the value the more lags this indicator but less false signals occur.
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As you can see, this indicator gives direct signals for buy (blue arrow pointing up) and sell (red arrow pointing down). You should know that you do NOT enter the trade if the signal is contradicting the current general trend. If it’s uptrend and you get a blue arrow — go long, if you get a red arrow — do nothing (just close your long position if you had one open); if it’s downtrend and you get blue arrow — close short position but don’t go long, if you get red arrow — go short; if chart goes sideways and you get blue or red arrow — feel free to go long or short respectively. I recommend setting your stop-loss directly at the level where the arrow is drawn (it’s displayed if you point your mouse at it). I also recommend using trailing stop with this indicator.
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