Choopy Market Index trend indicator for MT5
The Choopy Market Index indicator determines the current market trend, thereby identifying the optimal entry points for any trades. The indicator consists of two lines with additional levels, which are located in the lower window of the price chart. Like most other indicators based on lines, the Choopy Market Index indicator will generate a signal when they cross each other or break through a certain level.
The signals of this indicator are very simple and visual, so not only professionals, but also beginners in trading can use it. When trading with this indicator it can be used any currency pairs and any timeframes.
The Choopy Market Index indicator consists of several parameters that affect its operation more than its visualization, so each parameter that is changed will affect the indicator's operation.
- -Choppiness index period-period of the main line of the indicator. The value of this parameter should be changed taking into account the selected timeframe. The default value is 60.
- -Signal period-period of the signal curve. The default value is 10.
- -Signal method-type of the signal curve. The default value is Simple Moving Average.
- -Level 1 - the first level displayed in the indicator window, at the intersection of which a signal will be generated. The default value is 40.
- -Level 2 - the second level, upon passing which a signal will be generated. The default value is 50.
- -Level 3 - the third level, after crossing which a signal is formed to enter trades. The default value is 60.
The signals of the Choopy Market Index indicator are extremely simple, so the indicator can be used even by beginners. As soon as a certain level is crossed by the indicator lines, while the lines themselves cross each other, a certain deal is opened.
Signals for Buy trades
- - The lines of the indicator move upwards, but do not reach the central level of the indicator.
- -The main line of the indicator crosses the signal line from the bottom up.
A sell position should be closed if
- - The indicator lines have reached the central marks, going from bottom to top.
Signals for Sell trades
- - The main and signal lines move in the direction from top to bottom, but do not reach the central level.
- -The indicator line crosses the signal curve from top to bottom.
A sell position should be closed immediately if:
- - Both lines of the indicator, moving in the direction from top to bottom, have reached the central marks.
Choopy Market Index is a universal indicator, since it can be used on any timeframe, with any currency pairs, and this will not affect its functioning in any way. The indicator does an excellent job of determining the optimal entry points for trades, and therefore can act as a good assistant in any strategy.