CHOPPINESS INDEX FOREX INDICATOR FREE DOWNLOAD
Watch the testing video here:
CHOPPINESS INDEX FOREX INDICATOR FREE DOWNLOAD
Choppiness Index is a technical indicator that helps you understand the momentum and trend of the market. So, this indicator is two in one indicator. You would be making good trading decisions based on the indicator you see in the indicator window. The choppiness index indicator works best when it is combined with moving averages. Moving average is necessary when trading with an indicator because it doesn’t give clear buy and sell signals. This indicator can be confusing for the many new traders most of the time. You will get good results when using this indicator in a trending fx market.
When you install Choppiness Index in your mt4 trading platform, your chart should look like this:
Choppiness Index
The choppiness index consists of a channel and an oscillator indicator which moves like a MACD signal line indicator. The upper band of this forex indicator works as an overbought, and the lower band performs as a support zone. Therefore, when the yellow oscillator indicator is around the lower band, you should be looking for buying signals. When the yellow oscillator is around the indicator upper band, you should be looking for short opportunities.
Buying Conditions Using Choppiness Index
- The market should be going up.
- Markets should be bouncing from the latest chart support.
- The yellow oscillator of the Choppiness index indicator should be rising from the lower band.
- Place your long position when the above conditions are met.
- Place your stop loss(SL) below the recent support.
- Take your profit when the yellow oscillator breaches below the lower band.
Selling Conditions Using Choppiness Index
- The market should be down trending.
- Markets should be falling from the chart latest resistance.
- The yellow oscillator of the Choppiness index indicator should be falling from the upper band.
- Place your short position when the above conditions are met.
- Place your stop loss(SL) above the recent swing high.
- Take your profit when the yellow oscillator breaches below the lower band.
