This indicator calculates a modified MACD oscillator and signal line alongside a trend EMA filter, plotting the output as a stylized column histogram in a separate pane. Instead of plotting true MACD distance, it quantifies positive and negative histogram mome
Indicator · Pine Script v4 · Own pane
Chop Zone
Chop Zone measures the slope of a 34-period exponential moving average of the close.
GitHub stars1on the repository
Pine versionv4older, still runs
Lines of code34
Settings0inputs
LicenceGPL-3.0
Last update6 years ago10 Mar 2020
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 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
34 lines of Pine Script v4 from third-party-pines/Chop Zone copy.pine, published under GPL-3.0. Keep the author's credit and licence lines when you reuse it.
//@version=4
study(title = "Chop Zone", format=format.price, precision=0)
colorTurquoise = #34dddd
colorDarkGreen = #006400
colorPaleGreen = #98fb98
colorLime = color.lime
colorDarkRed = #8B0000
colorRed = color.red
colorOrange = color.orange
colorLightOrange = #ffc04c
colorYellow = color.yellow
source = close
avg = hlc3
pi = atan(1) * 4
periods = 30
highestHigh = highest(periods)
lowestLow = lowest(periods)
range = 25 / (highestHigh - lowestLow) * lowestLow
ema34 = ema(source, 34)
x1_ema34 = 0
x2_ema34 = 1
y1_ema34 = 0
y2_ema34 = (ema34[1] - ema34) / avg * range
c_ema34 = sqrt((x2_ema34 - x1_ema34)*(x2_ema34 - x1_ema34) + (y2_ema34 - y1_ema34)*(y2_ema34 - y1_ema34))
emaAngle_1 = round(180 * acos((x2_ema34 - x1_ema34)/c_ema34) / pi)
emaAngle = iff(y2_ema34 > 0, - emaAngle_1, emaAngle_1)
chopZoneColor = emaAngle >= 5 ? colorTurquoise : emaAngle < 5 and emaAngle >= 3.57 ? colorDarkGreen : emaAngle < 3.57 and emaAngle >= 2.14 ? colorPaleGreen : emaAngle < 2.14 and emaAngle >= .71 ? colorLime : emaAngle <= -1 * 5 ? colorDarkRed : emaAngle > -1 * 5 and emaAngle <= -1 * 3.57 ? colorRed : emaAngle > -1 * 3.57 and emaAngle <= -1 * 2.14 ? colorOrange : emaAngle > -1 * 2.14 and emaAngle <= -1 * .71 ? colorLightOrange : colorYellow
plot(1, color=chopZoneColor, style=plot.style_columns)
Overview
Chop Zone scales the one-bar EMA change by the average price and a 30-bar high-low range, converts that slope into degrees, and paints a single column in a separate pane. Turquoise through lime mark rising angles, yellow marks a near-flat slope, and orange through dark red mark falling angles. Periods and color thresholds are fixed, and there are no alerts or trade signals.
- 34-period EMA slope in degrees
- 30-bar high-low range scaling
- Nine color bands for angle strength
- Column plot in a separate pane
- Fixed periods with no inputs
Details
Published by
DT021 on GitHub
Type
Indicator, Pine Script v4
Draws
Separate pane below the chart
Category
Trend, Moving averages
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.
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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