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CCI Histogram

CCI Histogram MT4 Indicator to identify the trend at a glance. Get bullish, bearish and neutral trend. Want more? Get buy and sell forex trading signals. Download this free indicator and improve your trading performance.

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Description

The CCI Histogram MT4 indicator is a modified version of the classic CCI – Commodity channel index. It reflects three different market conditions in different histogram color. Since the indicator shows bearish, neutral and bullish market trends it provides a clear indication of the current price trend. Additionally, traders can get early reversal forex trading signals using the divergence.

Features of CCI Histogram MT4 Indicator

The indicator plots blue histogram bars in a bullish market condition. While the neutral trend is gray and bearish market trend is in red bars. The best trading strategy is to enter at the beginning of a trend and exit at an opposite trend or a neutral trend. However, traders should note that CCI – values above +100 indicate a bullish market and below -100 show a bearish market condition. So it is prudent to ignore trading signals within these indicator levels.

Another important feature of this indicator is the appearance of divergence between the indicator and price. So, traders can anticipate price reversals using the bullish and bearish divergence.

In fact the combination of a bullish signal above +100 levels with the appearance of the bullish divergence strengthens the case for a buy trade.

Benefits of CCI Histogram MT4 Indicator

The main benefit of this indicator is the ability to distinguish three market conditions that helps new and advanced forex traders. It eliminates the necessity for traders to apply technical analysis to understand the trend direction. In fact, traders can use this indicator to identify entry and exit points.

The indicator is a simple histogram and suits new forex traders. As traders can apply this indicator on all chart time frames, it works for short and long-term trading.

Indicator Settings Description

A_period:, B_period:, neutral: Period for indicator calculation.

num_bars: Maximum number of history bars to display the indicator.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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