Today I will tell you about the technical market analysis tool, which can be a useful addition to any trading strategy. Indicator for overbought and sold out I-3CCI-h can be used as a filter for signals generated by TS. Their quality will be higher and therefore the trading results will improve. To begin with, the indicator must be installed in MT4. To do this, copy its file and insert it into the appropriate trading terminal folder.
Setting I-3CCI-h
Overbought and Oversold Indicator in this article builds its work based on CCI readings. In this case, it uses the information at three intervals: one root and two additional TF.
CCI-Period-0 is a parameter that can be used to specify the CCI period for the main period. Level 0 is used to set the CCI level for the main TF. Tf-1 is intended to indicate the first additional time frame. CCI-Period-1 – here we specify the CCI period for the first additional time interval. The Level-1 option is used to specify the CCI level for the first additional TF. TF-2 is an option that allows you to select a second additional time frame. CCI-Period-2 for the second additional TF. Level-2 – This option is intended to specify a level for it. The last parameter in the indicator settings is the number of bars. It is used to tell the indicator how many candles should be used to make the appropriate calculations.
How to work with I-3CCI-h indicator
First let’s see if as it looks in the currency pair chart:
Overbing and sell-out indicator I-3CCI-h draws in separate window columns that may be above or below zero. If they are above the zero line, this means that the price of the traded instrument is in the overbought zone. The probability that the direction of movement will change from top to bottom is quite high. In this case, consider opening sales quotations. If the columns are below zero, this means selling out on the market. You can decide if you want to open buy orders. There are no restrictions on using this technical analysis tool. However, it does not hurt to experiment with its parameters. Their optimization, taking into account the characteristics of a particular currency pair and the time frame, will improve trading performance. Download indicator file can be found here: indikator_i-3CCI-h 1 Inga Fedorova 10 25.10.2020 Record I-3CCI-h Overbought and Oversold Indicator First appeared Magazine for Forex traders forex-for-you.ru.