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CCI Arrow

The CCI Arrow indicator for MT4 displays buy/sell arrows based on the CCI. The CCI Arrow Indicator is a great tool for traders of all levels and can be used to identify potential entry and exit points in the market.

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Description

The Commodity Channel Index (CCI) Arrow indicator for MT4 is a momentum-based Forex indicator that displays BUY and SELL signals based on the CCI oscillator. This beginner-friendly indicator simplifies the trend analysis of the regular CCI by displaying bullish and bearish arrows showing the possible direction of the market.

Besides, the arrows double as optimal entry zones to buy or sell an instrument, making it a good choice of indicator for absolute beginner traders. Additionally, the indicator suits scalpers, day/intraday, and swing traders, depending on the timeframe the signals are generated from.

Features of the CCI Arrow Indicator for MT4

The indicator displays blue or red arrows when the CCI oscillator crosses above or below the zero line. The blue arrow indicates a potential bullish move, while the red arrow suggests a possible bearish move. So, traders can consider going LONG/BUY when the indicator paints a blue arrow or SHORT/SELL when the red arrow appears.

However, we recommend using the indicator’s signals as the confluence with price action or other technical indicators before making trading decisions. Besides, traders can consider using the indicator in trending market conditions to join an already established trend. For instance, in an uptrend, traders might consider only the blue arrows for BUY entry after a short retracement. This helps filter out false signals due to market fluctuations for optimal trading experience.

Benefits of Using the Indicator

  • Enhances Better Trading Decisions: Traders can use the CCI Arrow indicator with their regular trading strategy or with other technical indicators to confirm the trend direction of an instrument.
  • Simplifies the CCI Trend Analysis: The arrow signals generated by the indicator are easy to decipher for beginners, which makes it a suitable trading tool for beginners and experienced traders.

Indicator Settings Description

The indicator comes with the following customizable settings:

CCI_Period: Determines the period of the indicator for trend analysis.

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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:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. 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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