The Commodity Channel Index (CCI) is a popular and free Forex indicator used by traders to identify possible price reversals and to measure the strength of a trend. It is a useful tool for traders to assess whether a currency pair is overbought or oversold and to determine when to enter and exit a trade. The Commodity Channel Index is calculated by taking the difference between a currency pair’s current price and its average price over a given period of time, and then dividing this difference by the currency pair’s average price over the same period of time. This calculation results in a value that is then used to compare the current price to its historical average. If the current price is higher than the historical average, then the CCI will be positive, indicating that the currency pair is overbought and that a potential price reversal is possible. Conversely, if the current price is lower than the historical average, then the CCI will be negative, indicating that the currency pair is oversold and that a potential price reversal is possible. By monitoring the CCI, traders can determine when to enter and exit a trade, as well as when to expect a potential price reversal.
MT4
Commodity Channel Index
The Commodity Channel Index (CCI) is a popular and useful Forex indicator used by many traders. It is a technical indicator that measures the momentum of price movements and helps to identify when a currency pair is overbought or oversold. It is easy to use and can help traders identify potential trading opportunities. The indicator is free to use on the MT4 trading platform and is one of the most popular indicators used by traders.
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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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