This is one of the most simple and profit-making indicators that you will come across. It is a forex trend indicator that is very easy to use while at the same time very profitable. It is a perfect choice for Forex beginners.
If you understand how this works and how to use it, you will be good to go. Just follow this good article keenly for guidelines on how to use this fx indicator.
How the Real Woodie CCI indicator operates
The Real Woodie CCI forex indicator is displayed on a separate chart below the main trading chart. As the name suggests, it is based on the Commodity channel index indicator and the smooth-moving averages.
In the forex indicators chart, you will notice a lot of stuff is displayed for you. We shall look at each of the objects generated here and its purpose to contribute to your trading success.
To begin with, two lines oscillate about a zero line. One of the two lines is black in color while the other one is red. These two lines cross each other as they oscillate about the mt4 zero line.
There is also a simple dotted line that is made along the zero line. The color of this dotted simple line changes according to the market prices trend. The color of the mt4 indicator line changes from red color to green and vice versa.
Fig.1. The Real Woodie CCI indicator.
There are also thin vertical lines that form from the zero line to the black oscillating line. These thin lines are blue, yellow, gray, or red. These lines are read-only when the oscillating black color line is below the zero line and blue only when the oscillating black color line is above the zero line. For the gray and yellow-colored lines, they can occur when the black oscillating line is on any side of the zero line.
The most important thing is the indicator levels that are indicated on the chart. These levels are at 200, 300, 100, 0, -200, -100 and 300. The three hundred levels are very rarely reached, but they are essential. These levels are the ones that dictate when to place or close your trade orders.
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opening and closing orders using the Real Woodie CCI indicator
Placing Indicator sell orders
The sell entry order should be placed when all the following conditions are met:
- The red color oscillating line gets below the black oscillating line.
- The crossing has to take place above the level of 100 at least.
- The dotted line at the zero level has to be red.
- The sell order should be closed black oscillating line gets above the red oscillating line. This has to happen below the zero level.
Placing Indicator buy orders
The buy orders are placed when all the following conditions are met:
- The red oscillating line gets above the black oscillating line.
- The crossing has to take place below the level of -100 at least.
- The dotted line at the zero line has to be green.
- The sell order should be closed black oscillating line gets below the red oscillating line. This has to happen above the zero level.
Fig.2. Placing and closing orders using the Real Woodie CCI indicator.
Real Woodie CCI Forex indicator Free Download