The indicator lines all CCI readings across multiple time frames, allowing to spot the moment when the CCIs signals align on a trend. Red colour indicates up-trend, while blue — down-trend. There are no limits as to what time frame can be used to trade. When all four time-frames turn the same colour, we could expect a strong downtrend if the bars are red, or strong uptrend if the bars are blue.
Meanwhile, to exit the trade we could wait for a lower time-frame CCI bar to turn different colour, signalling a temporary rebound. Otherwise, the trade could be held until a subsequent support or resistance level. Another possible use of the Forex Freedom Indicator is to observe and trade on price corrections.
For instance, if the CCI bars show: Daily — red, 4 hour — red, 1 hour — red, but 15 min — blue, we might have a rebound on 15 min chart. Hence, it might be worthwhile to check out the 15 min price chart and look for good trend continuation entry opportunities at the end of the retracement. Click on Download button above; 2. Restart your Metatrader platform; 5. Adjust settings or press OK to add the indicator to your selected chart;.
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