Submit by Maximo Trader 2024

Double CCI and RSIOMA FX Strategy MT5 trend momentum where these two indicators filter a trend arrow indicator.

Setup Strategy

Time Frame 5 minutes or higher but this setup is more suitable for day trading so for the time frame of 5 minutes and 15.

• Indicators MT5:

  • Trend Signal: Primary timing indicator for entry signals (12, 2).

  • RSIOMA (Relative Strength Index of Moving Average): Confirms momentum strength and trend direction (default setting).

  • CCI Double Smoothed Wilder’s EMA: Trend confirmation indicator with a blue or orange line to signal the trend direction(default setting.

   

• Asset: Suitable for forex pairs, indices, or major commodities with volatility.

Entry Rules

1. Trend Signal:

   • Look for a clear buy or sell signal generated by the Trend Signal indicator.

   • Buy Signal: When Trend Signal shows an upward signal.

   • Sell Signal: When Trend Signal shows a downward signal.

2. RSIOMA Confirmation:

   • For a Buy:

     • The RSIOMA main line should above green dot line, indicating bullish momentum.

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   • For a Sell:

     • The RSIOMA main line should be oversold, indicating bearish momentum.

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3. CCI Double Smoothed Wilder’s EMA Confirmation:

   • For a Buy:

     • The CCI line must be blue, indicating an uptrend.

   • For a Sell:

     • The CCI line must be orange, indicating a downtrend.

1. Entry:

   • Buy: Enter a buy trade only when Trend Signal gives a buy signal, RSIOMA confirms above green dot line, and the CCI line is blue.

   • Sell: Enter a sell trade only when Trend Signal gives a sell signal, RSIOMA confirms with a below orange dot line, and the CCI line is orange.

Exit Rules

1. Primary Exit (Profit-Taking):

   • Exit when the Trend Signal reverses its signal (e.g., from buy to sell).

   • Consider taking profit if the RSIOMA or CCI line indicates potential exhaustion:

     • RSIOMA reaches 80 or above (for a buy) or falls to 20 or below (for a sell).

     • CCI color change (e.g., from blue to orange for buys or orange to blue for sells) signals a possible trend change.

2. Secondary Exit (Stop Loss):

   • Place a stop loss at the nearest support level for buys or nearest resistance level for sells.

   • Alternatively, use an ATR-based stop loss:

     • Set the stop loss at 1.5 to 2 times the ATR value from the entry to account for price swings while protecting capital.

1. Trailing Stop (Optional):

   • Use a trailing stop based on ATR to secure profits as the trade moves in your favor, adjusting the stop as price continues in the trend direction.

Example Workflow Buy

1. Trend Signal issues a buy signal.

2. Check RSIOMA:

   • Main line is overbought and trending upward, confirming bullish momentum.

3. Check CCI Double Smoothed Wilder’s EMA:

   • CCI line is blue, confirming an uptrend.

4. Enter Buy Trade.

5. Monitor Exit Conditions:

   • Exit if Trend Signal reverses to a sell.

   • Exit if RSIOMA or CCI signals potential exhaustion (e.g., RSIOMA reaching 80 or CCI.

Example Workflow Sell

6. Trend Signal issues a sell signal.

7. Check RSIOMA:

   • Main line is oversoldt and trending downward, confirming bearish momentum.

8. Check CCI Double Smoothed Wilder’s EMA:

   • CCI line is orange, confirming an downtrend.

9. Enter Sell Trade.

10. Monitor Exit Conditions:

    • Exit if Trend Signal reverses to a buy.

    • Exit if RSIOMA or CCI signals potential exhaustion (e.g., RSIOMA reaching 20 or CCI.