How to Set MetaTrader 5 Choppiness Index on MetaTrader 5 Charts

Step 1: Open MT5 Software Navigator Window

Open MT5 Navigator window as presented on the MT5 illustration put on display below: Go to the 'View' menu (press), then select the 'Navigator' panel (press), or From Standard ToolBar click 'Navigator' button or press key board MetaTrader 5 shortcut keys 'Ctrl+N'

On the MT5 Navigator window, select & choose the "Indicators", by DoubleClick

Choppiness Index MT5 Indicator Settings - How Do You Use MT5 Choppiness Index on the MT5?

How Do You Use MT5 Choppiness Index Indicator on MetaTrader 5 Software Platform?

How to Set Choppiness Index MT5 Indicator

Expand the menu by clicking the protract(+) button ' + ' or double-click the 'indicators' menu, after that this specified button will be shown as (-) & will now display MetaTrader 5 indicators list as presented on the MT5 illustration below - select the Choppiness Index from this list of MT5 indicators so that as you as a trader can add the Choppiness Index MT5 technical indicator in the MT5 chart.

Choppiness Index MT5 Indicator Setting - How Do I Use MT5 Choppiness Index in the MT5?

How Do You Use MetaTrader 5 Choppiness Index Trading Indicator on MetaTrader 5 Software Platform?

How to Add Forex Custom Choppiness Index on the MT5 Software

If the MT5 indicator that you want to add in the MetaTrader 5 charts is a custom MT5 indicator - for example if the Choppiness Index that you want to add is a custom MetaTrader 5 indicator you'll need to first add this custom Choppiness Index MT5 technical indicator in the MetaTrader 5 software and then compile the custom Choppiness Index so that as the newly added Choppiness Index MT5 custom indicator pops up on the list of custom indicators in the MetaTrader 5 trading software.

To learn how to add Choppiness Index indicators on MT5 software - how do you place Choppiness Index panel to MT5 software? - how do you place Choppiness Index forex custom technical indicator on MetaTrader 5 Software Platform? - How to add custom Choppiness Index custom forex indicator in the MT5 Software.

How Do You Use Choppiness Index MT5 Indicator?

Choppiness Index Analysis Buy and Sell Signals

Created and Developed by E.W. Dreiss

Choppiness Index was designed to be an easy & practical indicator to help the traders determine if the fx prices are trending or consolidating.

Choppiness Index is similar to ADX which is also designed to evaluate the strength or momentum of a forex trend and determine if the forex market is trending or consolidating.

How to Set MT5 Choppiness Index - How Do You Use MT5 Choppiness Index on the MT5?

How to Add Meta Trader 5 Choppiness Index on MetaTrader 5 Charts

The Choppiness Index uses a scale of between 0 and 100. Choppiness Index also typically uses upper band and lower band at 61.8 and 38.2 levels respectively.

Choppiness Index is drawn by first calculating the true range for each forex price period and then adding the values of n forex price periods.

Second, Choppiness Index calculates the highest value and lowest value over n forex price periods and calculates their difference.

Third, Choppiness Index divides the sum of the true ranges & calculates the base-10 logarithm of this value.

Finally, Choppiness Index divides this value by base-10 logarithm of n fx price periods & multiplies the results by 100.

How to Generate Buy and Sell Signals

Choppiness Index is a directionless forex indicator meaning it doesn't determine in which direction the forex trend is moving.

Choppiness Index basic principle is that the more heavily the forex price is trending over the last number of n forex price periods the closer to zero the Choppiness Index value will be and the more heavily the forex price is consolidating that's forex trend that is heading sideways in a range or choppy manner over the last n forex price periods the closer to 100 the Choppiness Index value will be.

Choppiness Index values of above 61.8 signals which the trend is ranging and choppy - moving sideways or consolidating.

Higher Choppiness Index indicator readings happen during or after a strong consolidation phase. Higher Choppiness Index values could also be interpreted as a trading forex signal of a potential upcoming forex price breakout after a significant forex price consolidation move has occurred.

Choppiness Index values of below 38.2 signals which the forex market is trending.

Lower Choppiness Index values occur during or after a strong forex trend. Lower Choppiness Index values could also be interpreted as a trading forex signal of a potential upcoming forex price consolidation and price choppiness after a strong forex trend phase has occurred.