CCI Woodies Indicator

CCI Woodies Indicator

CCI Woodies Indicator for MT5. Provides best signals and patterns based on CCI and TURBO CCI. Highly flexible indicator settings

CCI Woodies for MT5 is an important indicator for Forex traders following Woodies patterns and strategies. This is a momentum indicator based on the 14-period CCI – Commodity Channel Index MT5 indicator. Because of this, Forex traders can use the indicator to identify and trade many other CCI based patterns.

In addition, the indicator gives arrow signals and offers the best entry points. Traders can trade patterns with both trend and counter trend trading strategies based on Woody’s trading strategy.

CCI Woodies For MT5 Trading Signals

The EURUSD H1 chart above shows CCI Woodies for MT5. It displays the indicator in a separate window.

As such, you will not see trading signals here, but nevertheless, it is quite easy to get a signal when the oscillator changes color and crosses the zero line. Forex traders can enter the market with a BUY position when the oscillator crosses the zero line UP and changes color from red to GRAY or GREEN and exit when the indicator level goes below zero. Similarly, traders can SELL when RED appears and exit on the opposite signal. Traders can wait for the opposite signal and continue from their current position as this allows them to move fully with the trend.

However, CCI Woodies can be used to trade in several ways using CCI, Turbo CCI, zero line, histogram and 200 levels. As such, experienced forex traders will find it very useful to align the signals with their technical analysis and trading strategy.
Similarly, the indicator is highly recommended for new forex traders. This simplifies the analysis and supports new traders while they are learning the Woody patterns.

Conclusion
Obviously, the CCI Woodies indicator for MT5 simplifies the technical analysis of any forex trader using the Woodies strategy and patterns. Although the Woodies system is a combination of several indicators, the indicator is based on the CCI – Commodity Channel Indicator built into Metatrader. However, the colors simplify the system by providing trading signals and complementing the forex trader’s technical analysis.