CCI Woodie with Channel Trading System applies a trend-following forex trading strategy along with multiple trend-defining tools in order to plot the trade entry/exit signals for its users. Besides trade signals, this system also demonstrates possible swing levels of the price movement and dynamic support/resistance levels of the market.
CCI Woodie with Channel Trading System is applicable to trade any forex currency pair you like within the financial markets. Moreover, this system fits great with all sorts of timeframe charts available on the Metatrader 4 platform.
CCI Woodie with Channel Trading System Overview
After the installation of CCI Woodie with Channel Trading System at the MT4 terminal, your trading chart should appear like the following image:
CCI Woodie with Channel Trading System Anatomy
- 20 LWMA: It is a 20-day Linear Weighted Moving Average used to identify the market trend for its users. Price closing above its level represents the bullish trend and if closes below the 20 LWMA level then considered as the bearish trend of the market.
- Heiken Ashi: One of the most popular trend-defining indicators around the market. It appears as the main price bar. In this system, it turns white to signal the bullish trend and transforms into red in order to signal the bearish trend of the market.
- Price Channel: This Price Channel plots upper and lower bands around the price bars based on 60 LWMA. These bands can be used both as the dynamic S/R areas and possible breakout levels of the market.
- ArrZZx2: Its job is to find possible swing levels of the market. It appears above the price bars as a red horizontal bar to signal the swing high of the market. A green ArrZZx2 bar below the price level is considered the swing low area of the market.
- CCI Woodies Lnx V6: CCI Woodies Lnx V6 has been added as a trend signal filter to the system. Its value raises above zero to certify the trend as bullish and turns negative to validate the market trend as bearish.
- Pj-over RSI: This indicator provides the final confirmation of the trade entries. You should consider going for the long entry when Pj-over RSI turns green. For short entry, the indicator bars must be turned red.
Also Read: Trade in Head & Shoulders Pattern
CCI Woodie with Channel Trading System
Conditions for Buy Entry
- Price breaks above both the 20 LWMA and the upper price channels
- Heiken Ashi turns white
- ArrZZx2 appears below the price bars
- CCI Woodies Lnx V6 value turns positive
- Pj-over RSI turns green
- Buy triggers when all of the above conditions are met
- Set stop loss below the 20 LWMA level
- Exit long/take profit whenever ArrZZx2 appears above the price bar
CCI Woodie with Channel Trading System
Conditions for Sell Entry
- Price breaks below both the 20 LWMA and the lower price channels
- Heiken Ashi turns red
- ArrZZx2 appears above the price bars
- CCI Woodies Lnx V6 value turns negative
- Pj-over RSI turns red
- Sell triggers when all of the above conditions are met
- Set stop loss above the 20 LWMA level
- Exit short/take profit whenever ArrZZx2 appears below the price bar
Thank for sharing these good indicator Sir…