The Commodity Channel Index (CCI) indicator is a popular and useful forex indicator that is commonly used by traders on the MT4 platform. This indicator is widely used because it helps traders identify overbought and oversold conditions in the market, making it easier to gauge potential reversals in price movements. The CCI indicator works by measuring the difference between the current price and its moving average, adjusted for market volatility. Traders can use this information to determine when a currency pair is likely to be overbought (CCI above +100) or oversold (CCI below -100). By utilizing this information, traders can make more informed decisions about when to enter or exit trades. The CCI indicator is available for free on most trading platforms and is easy to use, making it a valuable tool for forex traders of all levels.
MT4
CCI Indicator
CCI Indicator is a useful forex MT4 indicator that is popular among traders for its accuracy in identifying overbought and oversold conditions in the market. This free indicator works by measuring the difference between an asset’s price change and its average price change. Traders use the CCI Indicator to make informed trading decisions based on potential trend reversals.
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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:
Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.
Open the MT4/5 terminal and click on “File” in the top left corner.
Select “Open Data Folder” from the dropdown menu.
In the window that opens, double-click on the “MQL4/5” folder.
Double-click on the “Indicators” folder.
Drag and drop the indicator file from your computer into the “Indicators” folder.
Close the data folder window and restart the MT4/5 terminal.
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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