The Commodity Channel Index (CCI) is a technical indicator that measures the current price level relative to an average price level over a given period of time. It was created by Donald Lambert and originally designed to identify cyclical turns in commodities but is now used for trading forex, stocks, indices, cryptos and more.
The CCI is categorized as a momentum indicator, which means that CCI is used by forex traders to try and sport overbought and oversold market conditions. The main way to use the CCI indicator is to look for selling signals when the CCI price is above the 100 level and to look for buying signals when the CCI price is below the -100 level.
It can also be used to spot divergence which is a good way to try and find when trends are coming to an end and new trends may be forming. I like to combine both extreme signals with divergence signals for additional confirmation.
What is the free CCI EA?
It will analyse all of the charts that you attach it to in the MetaTrader 4 (MT4) platform for buy or sell signals which can save you plenty of time and allow you to simultaneously follow lots of currency pairs or other financial instruments.
How does the free CCI EA work?
When the CCI EA finds a valid trading signal according to its built-in algorithm, it will send you a signal alert via SMS, email or a platform pop-up. You can choose the alerts that you wish to receive from the CCI EA settings.
Not only can it send you alerts for manual trading, but you can set it to actually place trades on your behalf in case you are not around to do it yourself. It includes customisable settings and money management features such as stop loss, take profit, break even and a trailing stop.
CCI EA Trading Strategy
I have built this free CCI EA for MT4 (MQL4) so that you can use it to generate signals and automatically trade based on the basic CCI strategy of buying when price is extremely oversold and selling when price is extremely overbought.
CCI Extreme Strategy
- Buy Signal: CCI price is below the -100 level
- Sell Signal: CCI price is above the 100 level
CCI EA Features
- All of the CCI EA settings are customisable
- The CCI robot can send CCI signals and trade automatically
- Keep full control over your money management
- The CCI EA MQL4 is developed for the MT4 platform
- The CCI MT4 EA can be used on any MT4 forex broker
- The CCI EA is free to use without any restrictions at all
- Includes easy to understand setup instructions
CCI EA Settings
- Expert Name
- Pop Up Alerts
- Email Alerts
- SMS Alerts
- Days Filters
- Hours Filter
- Magic Number Buy
- Magic Number Sell
- Maximum Spread
- Maximum Slippage
- Open Orders Limit
- Use Risk
- Risk Percent
- Stop Loss
- Take Profit
- Close Opposite Signal
- Use Break Even
- Break Even Point
- Use Trailing Stop
- Trailing Gap
- Close Percent
- Minimum Lot Close
- CCI Extreme
- CCI Period
Conclusion: Is this free CCI EA for me?
If you are looking to get automated CCI signals in MT4 then yes, this can do the job. It can send you buy or sell signal alerts and place trades without you needing to do anything. As with any automated or manual forex strategy, there is no guarantee at all on the results that you will get.
This CCI robot has not been optimized so it does not include set files. You will need to choose your own settings. However, you do have unlimited access so you can test it as much as you want on all of your favourite currency pairs and chart timeframes.
If you manage to come up with some interesting settings that show good historical performance, please feel free to share them with me.
You might also want to check out my other free forex EA’s that you can download:
- Free Bollinger Bands EA
- Free RSI EA
- Free Moving Average EA
- Free Envelopes EA
- Free ADX EA
- Free Ichimoku EA
- Free Stochastic EA
- Free Parabolic SAR EA
- Free MACD EA
If you are looking for a forex robot that combines multiple technical indicators along with price action analysis, please feel free to take a look at my free forex robot.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.