This tutorial shows how to use Commodity Channel Index Expert Advisor on charts of MT4 to Trade.
Strategy Premise
The Commodity Channel Index (CCI) measures the current price level relative to an average price level over a given period of time. CCI is relatively high when prices are far above their average. CCI is relatively low when prices are far below their average. Using this method, CCI can be used to identify overbought and oversold levels.
Strategy Logic
LE Rules: When CCI Value is Above Upper Limit
LX Rules: Exit happens with SE
SE Rules: When CCI Value is Below Lower Limit
SX Rules: Exit happens with LE
MT4 Settings
To start Algo trading with Commodity Channel Index on MT4, simply follow the steps given below.
- Make sure you have completed Jump Start setup
- Download zipped files from here and extract them. You will find three sub-folders: Experts, Indicators and Include. The files in these sub-folders should be copied in your MT4 directory in the same folders. In MT4 Click on File => Open Data Folder=> Click on MQL4 => Experts folder. Copy-paste the downloaded file to the Expert folder.
- (Optional, if indicator nor present in your MT4) In MT4 Click on File => Open Data Folder=> Click on MQL4 => Indicator folder. Download the Indicator file from here and copy-paste in your Indicator folder. Also paste files to your Include folder if not already present.
- In MT4 => Tools => Expert Advisor => Check all option available as shown below.
5. Go to navigator click on refresh to refresh indicator and expert advisor.
6. Now put Commodity Channel Index Expert Advisor on chart
7. Change the Input Parameters as per your Requirement
8. Now put the Commodity Channel Index Indicator on the chart and Change the Parameter as per the Inputs Set in EA.
Please note that the input parameters of EA and the indicator should be the same, or the signal generation will not match with the indicator.
Strategy Parameters
Strategy tag – use default STG1 unless trading in multiple strategies
Quantity- You Can also specify Qty in Bridge->Symbol Settings, it will override the Qty given here
Instrument – Set the instrument as per APIBridge
Magic Number- Leave at Default Value (1234567)
Slippage- Set Slippage value or Leave at Default
Volume- Lot Size
Candle Period- Candle Period for CCI Value
Lower Limit- Value of CCI at which Buy Signal is generated
Upper Limit- Value of CCI at which Sell Signal is generated
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