The Commodity Channel Index (CCI) is a popular and useful forex indicator for the MT4 trading platform. It is used to identify potential price reversals and to measure the strength of the trend. The CCI is a versatile indicator that can be used in a variety of ways, such as identifying overbought and oversold levels, trend direction, and potential entry and exit points. The CCI is calculated by taking the difference between the current price and the average price over a certain period of time. This difference is then divided by the mean absolute deviation of the price over the same period. The result is then multiplied by a constant to arrive at the final CCI value. The CCI is a popular and free indicator for the MT4 trading platform. It can be used to identify potential price reversals and to measure the strength of the trend. It can also be used to identify overbought and oversold levels and potential entry and exit points.
MT4
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Commodity Channel Index CCI
The Commodity Channel Index (CCI) is a popular free Forex indicator for MT4. The indicator then plots this value on a chart, allowing traders to identify key support and resistance levels. The CCI is a versatile tool that can be used in a variety of ways to help traders identify potential trading opportunities.
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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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