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Views:: 5032
Rating:: (17)
Published:: 2018.07.13 16:06
Updated:: 2018.08.13 16:12

Choppiness_IndexH.mq5 (13.24 KB) view

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Oscillator Choppiness Index is intended for assessing the market situation. It identifies three states:

Trend
Flat
Instable consolidation

This indicator is made as an oscillating histogram with the zero central point.

The indicator informs on the market state with the different colors of the histogram bars:

Trend is displayed in green
Starting/ending trend is displayed in pale green
Transition from trend to flat or from flat to trend is displayed in pale blue
Flat is displayed in blue
Instable consolidation is displayed in red

Values below -11.8 indicates a trend in the market, while values above 11.8 indicate a flat. Values close to 50 indicate an instable consolidation.
The lower the oscillator value is within the negative area, the more expressed the trend component is on the market.

The indicator has four configured parameters:

Period - calculation period
Trend level - trend boundary level
Choppiness level - flat boundary level
Consolidation level - consolidation boundary level

Calculations:

CI = 100.0 * log10( SumATR / ( MaxHigh - MinLow)) / log10X - 50.0

where:

log10X = log10(Period)
ATR = ATR(1)
SumATR - sum of ATR over the Period
MaxHigh - maximum High value within the Period
MinLow- minimum Low value within the Period

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/21340

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Choppiness_IndexH - indicator for MetaTrader 5