Woodies CCI Arrows Indicator for MetaTrader 5 Download - Free - [TF Lab]

The Woodies CCI Arrows Indicator (WCA) is an oscillator for MetaTrader 5 (MT5) based on the Commodity Channel Index (CCI) with a 14-period. The WCA indicator combines CCI, LSMA, Turbo CCI, and EMA to display buy and sell signals. If the CCI is bullish for 6 consecutive candles, the indicator shows green bars, and if bearish, it shows red bars. A buy signal is issued when the price is above the LSMA line, and a sell signal when the price is below the LSMA. The WCA indicator analyzes market trends, showing uptrends in green and downtrends in red.

WCA Indicator Table

Uptrend and Buy Signal

In the 30-minute chart of NAS100, the WCA indicators issued a buy signal at the price of 18897.5. The WCA indicator shows the start of an uptrend, and traders can enter a buy (BUY) trade upon seeing the buy signal on the chart.

Downtrend and Sell Signal

In the 1-hour chart of XAUUSD, the WCA indicator issues a sell signal with the start of a downtrend and the price closing below the LSMA indicator. With the candle closing at 2418.13 and confirmation from the histogram, the trader can enter a sell trade.

WCA Indicator Settings

• CCI calculation period: CCI Period Setting
• Number of bars determining trend: Setting the Number of Candles for Trend Confirmation
• Turbo CCI parameters: Turbo CCI Parameters
• Show turbo CCI: Toggle Turbo CCI On/Off
• Turbo CCI calculation period: Turbo CCI Period Setting
• LSMA parameters: LSMA Parameters
• Show LSMA trend: Toggle LSMA On/Off
• LSMA period: LSMA Period
• LSMA applied price: Basis for Calculations
• LSMA drawing position: Setting Distance from Origin
• EMA parameters: EMA Parameters
• Show EMA trend: Toggle EMA On/Off
• EMA period: EMA Period
• EMA applied price: Basis for Calculation
• EMA drawing position: Setting Distance from Origin

Summary

The Woodies CCI Arrows Indicator (WCA) helps traders identify strong trends and price divergences. When the CCI indicator changes trend, the bars turn gray, and after 6 candles, if the price is above the 0 level, the histogram bars turn yellow and then green on the 7th candle, indicating buying pressure. If below the 0 level, it indicates selling pressure.