Free Coppock Forex Trading Indicator
The Coppock indicator for MetaTrader4 was designed by economist Edwin Coppock in Barron’s, October 1962. The Coppock indicator is primarily used to spot long-term trend changes in about any market and generate trade alerts.
As a momentum indicator the Coppock indicator employs monthly data to spot bullish trends when the indicator moves from the negative region to positive region. It is also believed that a move from positive region to negative region is seen as a sell alert.
The Coppock curve is tagged an oscillating trendline that fluctuates above and below the zero line and is a combination of two rates of change i.e. the 11-period and a 14-period change.
Although its initial design makes the Coppock indicator suitable for long-term monthly charts (as signals are infrequent on this time frame), but if we drop down to weekly, daily or hourly time frames, the signals become increasingly abundant.
Signals on the monthly chart are usually rare or not frequent, but a buy signal is triggered when the red bars of the Coppock indicator crosses into the positive region, while a sell is triggered when the Coppock crosses into the negative region.
Asides the different time frame adjustments, adjusting the Coppock parameters can make the indicator respond to price changes faster or slower. The Coppock indicator can be more sensitive and react faster with a shorter Rate-of-Change setting, while it can be less reactive and slower with a longer ROC setting.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (strROC, RPeriod1, strType1, str10, str11, RMAMode1, sep), RPeriod2, strType2, str20, str21, RMAMode2, sep1, strMA, MAPeriod, strType, stm0, stm1, MAType, sep2, UsePercent), Colors, width & Style.
Time frames: 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: momentum oscillator