The Choppy Market Index Forex indicator for Metatrader 5 helps determine whether the market is in a trend or moving sideways.
The indicator consists of a blue solid line and red dotted line that cross each other when the market goes from trending to sideways and vice versa.
It’s highly recommended to combine this indicator with other technical tools to determine the exact entry and exit point.
The following indicator inputs and parameters can be modified: choppiness index period, signal period, signal method, level 1, level 2, level 3.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
It supports all time frames and Forex pairs.
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The following chart shows how the Choppy Market Index indicator looks like when applied to the MT5 chart.
How To Determine The Trend With The Choppy Market Index Indicator?
Find a simple trading example below:
- The market starts trending when the blue solid line crosses back above the red dotted line.
- The market starts moving sideways when the blue solid line crosses back below the red dotted line.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Choppy market index.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration