The Coppock forex Metatrader 4 indicator is an awesome momentum oscillator which is based on the Rate-of-Change (ROC) indicator.
The ROC indicator can be used to identify trend direction and trading ranges.
Coppock oscillates above and below its zero level (0.00):
- A bullish trend occurs when the Coppock momentum oscillator crosses above the zero level from below
- A bearish trend occurs when the Coppock momentum oscillator crosses below the zero level from above
For most profit potential, use the Coppock technical forex indicator in agreement with a longer-term trend following indicator.
For instance, use it together with a moving average, Bollinger Bands or ADMI.
Trade in the overall direction of the underlying trend.
Overall trend direction up? Only trade when the Coppock indicator crosses back above the zero mark (bullish signal).
Overall trend direction down? Only trade when the Coppock indicator crosses back below the zero mark (bearish signal).
The EUR/USD 1-Hour chart below displays the Coppock Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Coppock MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Initiate long trade when the Coppock MT4 indicator crosses back above the zero level from below and the overall trend is upward.
Sell Signal: Initiate short trade when the Coppock MT4 indicator crosses back below the zero level from above and the overall trend is downward.
Trade Exit: Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (ROC 1 period, ROC 2 period, MA period, MA type) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: momentum oscillator
Copy and paste the coppock.mq4 into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)