CCI Arrows is a very handly little indicator which will show an arrow each time the CCI crosses the 0 line, the arrow indicator will draw an arrows in the specified direction of the cross without the need of putting the CCI indicator on the chart.
As most of you may already know, many pro traders will swear by the CCI indicator since it is one of the great indicators which comes in the default Metatrader Package. The CCI is very responsive to price changes and lags a little less than the RSI. The CCI is good to determine the market situation to know whether we are in bearish or bullish condition. It can be used for long term trend on higher timeframes or for daytrading on lower timeframes. This indicator will be helpful for those traders who prefer to keep it simply and abstain from clustering their charts with lots of indicator windows. It also relieve the eyes from the great strain of hunting the CCI crosses personally and let the indicator do it for you.
The Indicator parameter is the default CCI period which is the length the CCI will go back in history, the longer=the smoother but more lag. CCI 14 is the default setting and its quite accurate as such.
As you can see, the indicator is very simply and does not cluster your charts. You can choose the color of the arrows based on your own liking. However, although this indicator can be very good for trade entries, it is advised not to take trades which goes against the established trend, whether long term or short term. You can use different methods to gauge the trend and the most popular method is to look for the trend on higher timeframes, then take trades only in the direction of this higher trend from a shorter timeframe. For example, if we have an Up trend on H1 and H4, we only take long (buy) trades from a shorter timeframe, for example M5 or M15. Taking counter trend trades can be risky, however, there are traders who are experts in counter trend trading. So, this part is solely on the traders side as per his liking.
As for the indicator, a Red arrow would mean sell opportunity and a buy arrow would mean by opportunity.