Code Correlation Reference Waveform has been the research hotspot for its flexibility and outstanding multipath mitigation performance in GNSS receivers. But the analysis from the literature related usually assumes that the single-side bandwidth is infinite or much larger than the chipping rate and only specified waveform has been studied, thus there is a lack of quantitative results for modern band-limited receivers. Based on the CCRW principle, the formulae and design constraints for the discriminator curve of any reference waveform were derived. The multi-path error envelopes of quasi- coherent W2/W4/W5 waveforms were studied. Simulation results indicate that W4/W5 outperforms the W2 algorithm. A QPSK (10) prototype receiver developed for GPS L5 and Galileo E5a/E5b was tested with a GNSS simulator. Compared with Narrow Correlator, the multipath envelope area for a 3dB attenuated multipath signal has been improved by 63% and 72% for W2 and W5 respectively. This research can be used as a guideline for modern GNSS receivers.