Commodity Channel Index (CC I)
Info
The Commodity Channel Index (CC I) is a Indicator for MetaTrader 5 that commodity channel index technical indicator (cci) measures the deviation of the commodity price from its average statistical price. High values of the index point out that the price is unusually high being compared with the average one, and low values show that the price is too low.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Commodity Channel Index (CC I)
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
Commodity Channel Index technical indicator (CCI) measures the deviation of the commodity price from its average statistical price.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Price Channel - another powerful indicator for MetaTrader 5 traders.
Commodity Channel Index technical indicator (CCI) measures the deviation of the commodity price from its average statistical price.
Also recommended: Keltner Channel + Breakout Signal - similar indicator with strong performance on MetaTrader 5.
High values of the index point out that the price is unusually high being compared with the average one, and low values show that the price is too low. In spite of its name, the Commodity Channel Index can be applied for any financial instrument, and not only for the commodities.There are two basic techniques of using Commodity Channel Index:
Finding the divergences
. The divergence appears when the price reaches a new maximum, and Commodity Channel Index can not grow above the previous maximums. This classical divergence is normally followed by the price correction.
As an indicator of overbought/oversold states of the market
. Commodity Channel Index usually varies in the range of ±100. Values above +100 inform about overbought state (and about a probability of correction), and the values below 100 indicates the oversold state (and about a probability of price increase).
Commodity Channel Index indicator
Calculation:
1. To find a Typical Price. You need to add the HIGH, the LOW, and the CLOSE prices of each bar and then divide the result by 3:
TP = (HIGH + LOW + CLOSE) / 3
2. To calculate the n-period Simple Moving Average of Typical Prices:
SMA (TP, N) = SUM (TP, N) / N
3. To subtract the received SMA(TP, N) from Typical Prices of each of preceding n periods:
D = TP - SMA (TP, N)
4.To calculate the n-period Simple Moving Average of absolute D values:
SMA (D, N) = SUM (D, N) / N
5. To multiply the received SMA(D, N) by 0,015:
M = SMA (D, N) * 0,015
6. To divide M by D:
CCI = M / D
where:
HIGH - maximum bar price;
LOW - minimum bar price;
CLOSE - close price;
SMA - Simple Moving Average;
SUM - sum;
N - number of periods used for calculation.
You may also like: Price Channel - excellent alternative for indicator users on MetaTrader 5.
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.