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The Double CCI Woody Oscillator indicator is a trading algorithm whose calculations are based on the operation of several forex indicators. Its calculations are aimed at determining the presence, as well as the strength and direction of the current trend, which in turn also serves to determine the moment of opening a trade. The Double CCI Woody Oscillator indicator is presented in the lower window of the price chart as a CCI histogram with a signal line and an additional Woody line. Under certain market conditions, the indicator histogram changes its color and direction relative to the signal level, at the same time intersecting with its line. Taking into account the current values of the indicator, the current trend is determined, and at the same time a certain trade is opened.
The Double CCI Woody Oscillator indicator works equally effectively on all timeframes, using any currency pairs.
Input parameters
The Double CCI Woody Oscillator indicator in its settings has certain sections that are responsible for its general work. To change the values of its technical work, the Input Parameters section is used, to change the general visualization, the Colors section, and the Levels section is used to add signal levels to the indicator window.
-TrendCCI Period - calculation period of the CCI indicator. The default value is 14.
-EntryCCI Period - the period of the CCI indicator, which is responsible for the moment of entering the market. The default value is 6.
-Trend period - period of the indicator's trend line. The default value is 2.
-CountBars - the number of bars to which the indicator calculations are applied. The default value is 1000.
-Zero Cross Alert - the parameter of the presence of a signal when the indicator crosses the level 0. The default value is false.
-LineSize1 - indicator signal line size parameter. The default value is 2.
-LineSize2 - size of the indicator's trend line. The default value is 3.
-LineSize3 - indicator signal level line size. The default value is 2.
Indicator signals
The Double CCI Woody Oscillator indicator is very easy to use due to the presence of a clear and convenient visualization that helps to determine the current direction and strength of the trend. To open a certain trade,it should be considered the direction and color of its histogram with a signal line, as well as the location of its trend line. If the indicator values characterize the presence of an uptrend, long positions are opened, if the trend is down, short positions are opened. When the direction of the current trend changes, its weakening or its absence, trades are closed, and new ones are temporarily not opened.
Signals for Buy trades:
- The histogram of the indicator has a color with a growth value along with the signal line rises above the 0 level.The trend line is just below the histogram.
Upon receipt of such conditions that characterize the presence of an uptrend in the current market, a long position may be opened. Close a trade and consider opening a new one should be when the current trend weakens or changes, that is, at the moment of receiving reverse conditions from the indicator values.
Signal for Sell trades:
- The bars of the histogram together with the signal line fall below the 0 level and have a color with a falling value. Its trend line is just above the histogram.
A sell trade can be opened immediately upon receipt of such conditions. This will indicate the presence of a downtrend in the current market. At the moment the opposite conditions are received from the indicator values, the trade should be closed. At the moment the current trend changes, one should consider opening new trades.
Conclusion
The Double CCI Woody Oscillator indicator is a very powerful algorithm, as it is based on time-proven indicators. The indicator is also very easy to use, but practice on a demo account is recommended before using it.
