Woodies CCI Arrows Indicator for MetaTrader 4 Download - Free - [TF Lab]

The Woodies CCI Arrows Indicator (WCA) is an oscillator based on a 14-period Commodity Channel Index (CCI) in MetaTrader 4 (MT4). The WCA indicator is formed by combining several indicators, including the Commodity Channel Index (CCI) and LSMA. When the CCI is in an uptrend for 6 candles, it is displayed in green, and when it is in a downtrend for 6 candles, it is displayed in red. Green arrows (buy signal) appear on the chart when the closing price of the candles is above the LSMA indicator in the WCA, and red arrows (sell signal) appear when the candle closes below the LSMA indicator.

WCA Indicator Table

Bullish Signal in the WCA Indicator

In the 1-hour chart of the USD/CHF currency pair, when the candles are above the oscillator line according to the LSMA period settings, the WCA indicator issues a buy signal. Additionally, with other confirmations like the CCI histogram, traders can make better trading decisions for buy transactions.

Bearish Signal in the WCI Indicator

In the 1-hour chart of Ethereum, when the candles are below the oscillator line according to the LSMA period settings, the WCA indicator issues a sell signal. Additionally, with other confirmations like the CCI histogram, traders can make better decisions for sell transactions.

WCA Indicator Settings

• TrendCCI_Period: CCI Period Settings
• TrendPeriod: Number of Candles until Trend Formation
• LSMAPeriod: LSMA Period

Summary

The Woodies CCI Arrows Indicator (WCA) helps traders identify strong price trends. The WCA indicator can be useful in price divergences. When the CCI indicator remains above the 0 level after 6 candles, it indicates the strength of the buyers, and when it is below the 0 level, it indicates the strength of the sellers.