Bereavements and Mourning in Forex Trading? Yes, Since 1962!

No, it’s not about losing pips in poor trading or mourning for your deposit. It’s about an indicator developed by Edward Coppock in 1962 for the Episcopal Church (for their investments, of course; not for their religious needs!) It was a long-term indicator for stock investments and the main idea behind it were the periods of “mourning for the market bottoms”. As it’s usually between 11 and 14 months for the people, Edward used those periods to for calculations. The indicator is calculated as WMA(10) of (Rate_of_Change(11) + Rate_of_Change(14)). The Coppock indicator is now available for both MT4 and MT5 platforms.
I’ve used an MQL4 version by Robert Hill as the base (but had to change almost everything as it used a different formula) and made the classic version out of it. This is the first case where the MT5 version is slightly worse than the MT4 version because it’s not possible to change the method of the MA (it uses only WMA, as in original) due to the lack of a good equivalent of the MT4 iMAonArray() function there. The features of the indicator include:

  • Changeable Rate of Change and MA periods (and MA method in MT4).
  • Code isn’t complex and it’s easy to see how it works and to modify the indicator.
  • Fast execution (unless you run it on M1 with a million bars).
  • You can get the code of the MT5 and MT4 versions or read more Coppock indicator about this long-term trend indicator.

    If you find any bugs in this MetaTrader indicator or if you want to make a suggestion regarding its functionality, please, use the commentary form below.

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