The technical indicator GG-RSI-CCI is a custom indicator for trending. This indicator is not included in the standard Metatrader4 terminal library, but you can download it for free the the link below (scroll down to the end of this article).
The GG — RSI — CCI indicator informs the trader about the current trend as follows: the green histogram is the bullish trend, the red histogram is the bearish trend, and the yellow is flat. The GG-RSI-CCI indicator can be easily adjusted to suit the needs of any trader or trading system. You can change both the colour of the histogram lines and the indicator periods.
GG-RSI-CCI has the following input parameters:
A trader can change these parameters at his discretion, adjusting the values according to his trading strategy.
Determining an uptrend using the GG-RSI-CCI indicator
We recommend using this indicator on time frames from M30 and higher. Despite the fact that the coloured bars of the indicator indicate an uptrend, having carefully studied this indicator, you will find that the bars that are coloured in green, do not always indicate an uptrend.
If for 20 or more candles the bars of the indicator are coloured green, but on the price chart you do not see a clear upward trend - this is a false signal. On the contrary, if the indicator shows 20 or more green bars in a row and at the same time a clear upward trend is visible - this is a good signal to continue the trend, and a good opportunity to enter a deal by trend.
Downtrend Detection Using GG-RSI-CCI
To determine a downtrend, as well as with an uptrend, you should focus not only on the colours of the indicator but also on the dynamics of the price chart.
The simplicity and easy perception of this indicator with the ability to distinguish its false signals from the correct ones can make this indicator a good helper for your trading strategy.
Download the GG-RSI-CCI MT4 Indicator from the button below
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