This indicator plots a TTM Squeeze momentum oscillator in a separate pane. It compares a Bollinger Band offset to a Keltner Channel offset and marks the zero line white when the difference is non-negative and black when the bands are inside the channel. A line
Indicator · Pine Script v4 · Own pane
Chop and Explode
Chop and Explode is a momentum indicator designed to identify consolidation zones and potential breakout moves.
GitHub stars114on the repository
Pine versionv4older, still runs
Lines of code65
Settings3inputs
LicenceNone stated
Last update1 year ago7 Nov 2024
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
Chop and Explode applies minimax scaling to price data over a set lookback window before calculating a Relative Strength Index (RSI). The indicator plots the modified RSI in a separate pane with horizontal threshold lines at key levels. It dynamically colors price bars to highlight market conditions: black bars for tight consolidation, yellow bars for loose chop, blue bars for bullish breakouts above 60, and purple bars for bearish breakdowns below 40.
- Scaled Relative Strength Index calculation
- Dynamic chart bar coloring for chop and breakout states
- Shaded background threshold bands for consolidation zones
- Configurable lookback and minimax scaling windows
Details
Published by
capissimo on GitHub
Type
Indicator, Pine Script v4
Draws
Separate pane below the chart
Category
Oscillators & momentum, Volatility & bands
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Price Data | source | close | prix |
| Lookback Window | int | 14 | p |
| Scaler Lookback | int | 14 | mmx |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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