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 for XBTUSD, etc
Chop and Explode for XBTUSD, etc calculates a relative strength index (RSI) applied to price data scaled via a minimax normalization function over a specified lookback period.
GitHub stars114on the repository
Pine versionv4older, still runs
Lines of code60
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 for XBTUSD, etc plots the custom RSI line in a separate pane with horizontal reference bands and background shading. The script colors price chart bars to visually distinguish tight consolidation (RSI 45 to 55), loose ranging chop (RSI 40 to 60), and directional momentum breakouts (above 60 or below 40). Main settings control the price source, RSI lookback length, and minimax scaling period.
- Minimax price normalization scaling
- Custom RSI oscillator calculation
- Candlestick coloring for chop and explosion states
- Multi-level threshold reference bands
Details
Published by
capissimo on GitHub
Type
Indicator, Pine Script v4
Draws
Separate pane below the chart
Category
Oscillators & momentum, Volatility & bands
Markets
Crypto
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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