This code is for an indicator called CCI Arrows, developed by the Forex Robot Easy Team. It is used in MetaTrader 5 (MT5) for analyzing market trends based on the Commodity Channel Index (CCI).
The CCI Arrows indicator displays arrows on the chart to indicate potential buy and sell signals based on CCI levels. When the CCI value exceeds the specified CciLevel, a green arrow is displayed, indicating a potential buy signal. Conversely, when the CCI value is below the negative CciLevel, a red arrow is displayed, indicating a potential sell signal.
The indicator provides the following settings:
- CciPeriod: The period used for calculating the CCI.
- CciLevel: The threshold level for generating buy and sell signals.
During initialization, the indicator sets up the necessary buffers for storing the buy and sell signal values. It also sets the visual properties of the arrows and labels.
In the OnCalculate function, the indicator iterates through the price data and calculates the CCI values for each bar. If the CCI value exceeds the CciLevel, the high and low values of the corresponding bar are stored in the respective buffers. If the CCI value is below the negative CciLevel, the low and high values are stored in the buffers. Otherwise, the buffer values are set to 0.
To use this indicator, simply attach it to a chart in MT5 and adjust the CciPeriod and CciLevel parameters according to your trading strategy. The buy and sell signals will be displayed as arrows on the chart, indicating potential entry points.
Please note that Forex Robot Easy is not the official developer of this product. We are only providing a sample code that demonstrates how this indicator can work. For detailed reviews and trading results of this product, please visit the official developer's site at https://forexroboteasy.com/forex-robot-review/cci-arrows-mt5-review-optimized-forex-trading-tool/. To find the official developer of this product, please refer to MQL5.