Woodies CCI indicator introduction:
At the end of this article, you can find the woodies CCI indicator free download link.
If you are already familiar with the CCI indicator, understanding the Woodies CCI indicator will be a piece of cake for you. Because it is an improved version of the CCI indicator and It uses woodies patterns and strategy for its working. Just like the CCI indicator, this is also a momentum indicator. Treaders can use this indicator to identify other commodity channel patterns as well.
Working of Woodies CCI indicator:
It works based on the period 14 CCI mt4 indicator and tells us about the trend direction and strength of the trend. It also provides a signal for buy and sells in the form of arrows.
Woodies CCI indicator Settings:
The settings of the indicator consist of the following inputs
CCIPeriod: Calculation period for CCI calculation
TrendPeriod: Calculation period for trend
TurboCCIPeriod: Turbo calculation period
LSMAPeriod: LSMA calculation Period
LSMAPrice: LSMA calculation Price.
EMAPeriod: EMA calculation Period.
EMAPrice: EMA calculation Price.
ShowLsmaEma: LSMA and EMA visibility.
EMAVisible: EMA visibility.
LSMAVisible: LSMA visibility.
ShowZones: Zones visibility.
ZonesColor: Zones Color.
LinesColor: lines Color.
UniqueID: Identifier of the indicator.
arrowsVisible: Arrows visibility.
arrowsOnLsmaCross: arrows visibility on the change of slope.
arrowsOnEmaCross: arrow visibility upon zero crosses.
arrowsIdentifier: Identifier to show the arrows.
arrowsUpperGap: Upper arrow Gap from the candle.
arrowsLowerGap: Lower arrow Gap from the candle.
arrowsUpColor: Up arrow Color.
arrowsDnColor: Down arrow color.
arrowsUpCode: Up arrow code.
arrowsDnCode: Down arrow Code .
arrowsUpSize: Up arrow Size.
arrowsDnSize: Down arrow size.
Trading Strategy:
When you apply the indicator on your mt4 it will display the buy and signals in the form of green and red arrows.
Buy Strategy:
A trader should buy a currency pair when the indicator gives a green arrow and exit the trade with a red signal.
Sell Strategy:
The same applies to selling; a trader is s sell when the indicator gives a red arrow signal and take profit when the hand gives the green signal.
Conclusion.
There is no doubt that the indicator is a significant improvement over the simple CCI indicator, and it is a combination of multiple indicators. If you use it in combination with High Low Channel Indicator you can make a pretty good strategy
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