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E.W. Dreiss developed a calculation formula for the Better Choppiness Index which is based on the classic Average True Range indicator.
The Better Choppiness Index helps detect market movement so that you’re able to take advantage of each state.
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trendy market;
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choppy market or flat (no trend).
In the MT4 terminal, you can add an indicator to your chart. This will appear underneath the price bars on your chart in the previously mentioned form by having three lines underneath
A central thickened line is represented by the choppiness index. The two red lines are the Bollinger Bands, they serve as support & resistance for the indicator readings. All lines are not required to repaint
Conclusion
Better Choppiness Index Indicator for Metatrader 4 lets you automatically separate flat markets from trend markets.
The indicator has the following advantages:
- Non-repaint.
- It provides alerts.
- Any timeframe can be used. Investors and intraday traders can use it for daily and weekly price charts.
There are no buy and sell signals generated by the indicator for MT4. In addition to a strategy using the Better Choppiness Index, you will need to use price patterns and/or indicators that signal when to enter a position.
On a demo account, you can see how useful this indicator can be. Don’t forget to place stop-losses!
Now you can download this MT4 indicator for free!
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