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The Choppiness Index indicator is an advanced technical analysis tool in MetaTrader 5, designed to measure the market's instability and volatility over specified time intervals. This MT5 oscillator helps traders identify range bound periods and unstable conditions in the Forex market and other markets across different timeframes.
Indicator Specifications Table
| Category | Oscillator - Strength - Volatile |
| Platform | MetaTrader 5 |
| Skill Level | Intermediate |
| Indicator Type | Range - Volatile |
| Timeframe | Multi Time Frame |
| Trading Style | Intraday Trading |
| Trading Market | All Markets |
Choppiness Index Indicator at a Glance
The Choppiness Index Oscillator calculates and displays the choppiness index from 0 to 100. Values above 61.8 indicate a range-bound and unstable market. When the oscillator line moves below the 28.2 level, it signals that the market is exiting instability and entering a defined trend.
Bullish Trend Conditions
Based on the 1-minute price chart of the Euro/US Dollar (EUR/USD) currency pair, when the oscillator line of the indicator oscillates above 61.8, the price is unstable or range-bound. Conversely, when the oscillator line (in blue) oscillates below 28.2, the price exits instability and trends.
Bearish Trend Conditions
Based on the 15-minute price chart of the British Pound/US Dollar (GBP/USD) currency pair, when the oscillator line of the indicator oscillates above 61.8, the price is unstable and range-bound.
Conversely, when the oscillator line(in blue) oscillates below 28.2, the price exits instability and trends.
Indicator Settings
- Chart Theme: Settings Theme;
- Calculation Period: The indicator calculation period is set to 14.
Conclusion
The Choppiness Index Oscillator is an efficient tool for technical analysts in MetaTrader 5 seeking to identify unstable and trending market conditions. This MT5 volatility indicator helpstraders easily differentiate range-bound markets from trending ones, allowing them to adjust their trading strategies accordingly.
Does this indicator issue entry signals?
No, this indicator does not issue any entry signals.
Can the calculation period be adjusted?
Yes, the calculation period can be adjusted by going to the "Calculation Period" section in the settings.