Introduction to the PCCI Indicator
The PCCI Indicator is a custom forex technical analysis tool that calculates the difference between the closing price of a period and its statistical expectation.
You should look for buy trades when the indicator rises above the zero level. Take a look at higher timeframes charts to confirm the bullish trend.
Similarly, look for sell trades when the indicator drops below the zero level. Take a look at higher timeframes charts to confirm the bearish trend.
The indicator is displayed in a separate window located below the main trading chart.
It fits all kinds of timeframes and currency pairs.
The default indicator settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How to set up the PCCI indicator in MT4?
Copy and paste the pcci-indicator.mq4 or pcci-indicatorr.ex4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, that goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
Click the link below:
The PCCI indicator is well worth adding to your trading collection but remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, it will provide false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.