CCI histogram indicator using the highly productive and results-oriented Metatrader indicator, Woodies Commodity Channel Index. (Woodies CCI). This indicator shows three market conditions in a histogram, namely a bull market (BEARISH), and a flat market (FLAT). Forex traders can use the non-replotted indicator MT4 to get trading signals. It can be easily incorporated by forex traders into any trend trading strategy. Forex traders can get buy or sell signals from the colour change of the bar chart.
The indicator is suitable for all time frames and can be used in any forex trading strategy, including long term and intraday trading. The indicator is also easy to use and can be downloaded for free. The simplicity of this indicator is very useful for both new and experienced forex traders.
CCI Histogram Indicator Trading Signals
The indicator shows bull and bear trends in blue. The indicator also shows a flat trend in dark grey.
Forex traders can place a stop loss below the previous low. A trader can place a stop loss below the previous low. This indicator can show a FLAT trend and can be used by forex traders. When there is a weak uptrend or a flat trend, the bar chart will turn dark grey. At this point the trader can exit the trading position. This indicator is also available as a free download.
In contrast, a red colour on the CCI bar chart indicator MT4 indicates the start of a new bearish trend. The forex trader can enter a sell trade with a stop loss above the previous high. The histogram may turn dark grey, indicating a flat trend. Traders can hold their positions until that point.
On the other hand, an aggressive trader may ignore the change in the flat trend and exit and enter when the histogram colour changes from blue or red. For best results, forex traders should place buy and sell signals close to support and resistance lines. These areas indicate a possible reversal. the CCI histogram can be used by technical forex traders for trading signals at the confluence of trendlines, channels and breakout trading strategies as it is not a redrawn indicator. The indicator signal can also be easily programmed for automated trading.
The CCI Histogram indicator MT4 is the best Metatrader tool for any type of trend trading strategy. The indicator’s ability to identify bull and bear trends will be a major benefit to forex trend traders. Forex traders can increase their trading efficiency by using this indicator.