GG RSI CCI Indicator
GG RSI CCI Indicator For MT5 provides buy and sell forex trend trading signals based on RSI and CCI MetaTrader indicators.
Description
The GG RSI CCI indicator provides forex trend trading signals based on a combination of the classic RSI – Relative Strength Index and CCI – Commodity Channel Index. The indicator calculates the slow and fast moving averages of the RSI and CCI indicators. However, it provides trading signals based on the crossover of these moving averages. As a result, the trading signal of this indicator is a smooth trend following the histogram.
The indicator shows trading signals based on a simple histogram that is easy to interpret.
Thus, the indicator is best suited for beginners and experienced forex traders.
GG RSI CCI Indicator For MT5 Trading Signals
The above USDCHF H1 candlestick chart shows the GG RSI CCI indicator in action. The indicator plots a three-color histogram: the green histogram shows a bullish trend and the red histogram shows a bearish trend. However, the yellow histogram shows a neutral market trend.
The trading strategy is simple and straight forward, if the histogram turns green, it indicates the start of a bullish trend. Thus, traders should enter the market with a buy trade with a stop loss below the previous swing low.
Similarly, if the histogram turns red, traders should enter a sell position with a stop loss above the previous swing high. Traders take profits if the histogram turns yellow or exit with a good risk-reward ratio.
The indicator combines two indicators and is further smoothed by a combination of moving averages to provide better trend trading signals.
Conclusion
The GG RSI CCI indicator for MT5 is a very simple trend following histogram. As a result, trading signals are very useful for trend following forex traders.