EMA and Woodies CCI MT4 Forex Trading Strategy


You can now download the EMA and Woodies CCI MT4 Forex Trading Strategy for free on AtoZ Markets indicators gallery.

EMA and Woodies CCI MT4 Forex Trading Strategy is based on a few rules which could also be traded on an if-then basis. To implement this strategy, we will be using three indicators.

First, we will be using MACD. The MACD will be used using the crossing of the histogram bars over the zero lines. This means that if the MACD histogram is positive or is crossing over zero, we are qualified to take a buy trade. If the MACD histogram bars are negative or are crossing below zero, then we are looking to take a sell trade.

Next, we will be using WoodiesCCI. It is a custom indicator which is a modified version of the regular CCI. This particular indicator correlates well with the MACD crosses. We will be using the WoodiesCCI the same way we are to use the MACD. We will be buying when the histogram is above zero and sell when the histogram is below zero.

Lastly, we will be using ExponentialMovingAveragesSignal. This is a custom indicator that plots arrows as signals based on the crossing over of certain moving averages. If set on the right parameters, this custom indicator also correlates well with the above-mentioned indicators.

Indicators

  • MACD: default parameters
  • WoodiesCCI
    • A_period: 56
    • B_period: 18
    • num_bars: 550
  • ExponentialMovingAveragesSignal
    • FasterEMA: 15
    • SlowerEMA: 18

Timeframe: 5-minute, 15-minute, 30-minute and 1-hour charts

Currency Pair: any

How to Trade with EMA and Woodies CCI MT4 Forex Trading Strategy

Buy (Long) Trade Setup Rules

Entry

  • MACD histogram should be positive or crossing above zero
  • WoodiesCCI histogram should be positive
  • ExponentialMovingAveragesSignal indicator should print a green arrow pointing up
  • Place a buy market order on the confluence of the above rules

Stop Loss

  • Set the stop loss at the immediate support below the entry candle

Exit

  • Close the trade on the occurrence of any of the following:
    • MACD histogram crosses below zero
    • WoodiesCCI histogram crosses below zero
    • ExponentialMovingAveragesSignal indicator prints a red arrow pointing down

Sell (Short) Trade Setup Rules

Entry

  • MACD histogram should be negative or crossing below zero
  • WoodiesCCI histogram should be negative
  • ExponentialMovingAveragesSignal indicator should print a red arrow pointing down
  • Place a sell market order on the confluence of the above rules

Stop Loss

  • Set the stop loss at the immediate resistance above the entry candle

Exit

  • Close the trade on the occurrence of any of the following:
    • MACD histogram crosses above zero
    • WoodiesCCI histogram crosses above zero
    • ExponentialMovingAveragesSignal indicator prints a green arrow pointing up

How to download and install an indicator

In order to install the indicator on your MT5 platform, you need to follow these steps:

  1. Click on the “Download Indicator” button located at the bottom of the screen.
  2. Save the file to your computer.
  3. Extract and move the files into the MT5>Indicator folder of the MetaTrader5 software file directory.
  4. Restart your Metatrader platform.
  5. Navigate to “Indicators.”
  6. And select the “EMA and Woodies CCI MT4 Forex Trading Strategy” template to apply it on the chart.

Note: This indicator was developed by Jack. AtoZ Markets does not carry any copyrights over this trading tool.

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