OPEN-SOURCE SCRIPT
Simple Chop Zone
Updated
The original Chop Zone indicator by Trading View is good, but has a few limitations which I've addressed in this one
This one has just 3 customizable colors for
* Uptrend - default = Turquoise
* Downtrend - default = red
* Everything else - default = lime
And you can set your own EMA length. The default is 34 as per the original Chop Zone indicator
- Too many colors which confuse and/or overwhelm users like me
- Inability to change the EMA period
This one has just 3 customizable colors for
* Uptrend - default = Turquoise
* Downtrend - default = red
* Everything else - default = lime
And you can set your own EMA length. The default is 34 as per the original Chop Zone indicator
Release Notes
- Added Inputs options for EMA Angle Uptrend and Downtrend - Defaults are 5 & -5. If you change the EMA from default 34 to any other, then the default threshold for Uptrend & downtrend no longer apply. So this is a way to change that.
- For faster EMA's i.e. faster than the default 34, use a higher EMA Angle value as the ema will tend to to rise/fall steeper and vice versa for slower EMA's
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.