Forex Freedom Indicator

Forex Freedom Indicator

The Forex Freedom indicator is a technical tool built with four CCI indicators to define the trend direction of a financial asset.

The Forex Freedom indicator for MetaTrader is a custom trading tool built with four CCI (Community Channel Index) indicators of different timeframes (M15, M30, H1, and H4) to define the trend direction of the market.

This technical tool aims to help you see what the CCI indicator is telling across multiple timeframes without hassle. In other words, it (the forex freedom indicator) would help you to know when the CCI aligns on multiple timeframes.

The indicator comes with blue and red bars that depict bullish and bearish market sentiments, respectively. So, a strong bullish/bearish trend is portrayed when the four bars of the indicator turn blue/red, respectively.

Furthermore, the indicator would come in handy for scalpers, day/intraday, and swing traders to easily identify the trend bias of an asset and trading opportunities. However, it is recommended to be used in synergy with price action/other technical indicators for trade entries.

How to Trade With the Forex Freedom Indicator

The above image depicts the action of the indicator on a EURUSD currency pair in the M30 timeframe. It illustrates how a sell setup/entry was identified using the indicator and price action.

The image shows that the market is currently in a strong bearish trend, as shown by the CCI indicator (four red bars). However, there was no immediate sell entry opportunity to join the bearish trend. Moving forward, a sell entry was identified after the price printed a supply zone, retested it, and closed with a bearish candlestick which also coincides with the indicator’s signal (four red bars).

Conclusion
The Forex Freedom Indicator for MT4 is essentially a technical trading tool that shows the reading of the CCI indicator across multiple timeframes. Finally, it is free to download.