by 
This indicator plots a Supertrend-based trend-following setup in a separate pane and skips conditions it treats as a sideways market. A volatility range is built from an ATR value, with RMA, SMA, EMA, or WMA smoothing, or from a fixed point distance. Optional
Indicator · Pine Script v5 · Own pane
Chop Zone
The Chop Zone indicator calculates and visually represents the trend direction and angle of a 34-period Exponential Moving Average (EMA).
GitHub stars37on the repository
Pine versionv5runs as is
Lines of code28
Settings0inputs
LicenceMIT
Last update3 years ago10 Feb 2023
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
28 lines of Pine Script v5 from Technical-Indicators/Technical Indicators are Here🤩/chop-zone.pine, published under MIT. Keep the author's credit and licence lines when you reuse it.
//@version=5
indicator(title = "Chop Zone", format=format.price, precision=0, timeframe="", timeframe_gaps=true)
colorTurquoise = #26C6DA
colorDarkGreen = #43A047
colorPaleGreen = #A5D6A7
colorLime = #009688
colorDarkRed = #D50000
colorRed = #E91E63
colorOrange = #FF6D00
colorLightOrange = #FFB74D
colorYellow = #FDD835
source = close
avg = hlc3
pi = math.atan(1) * 4
periods = 30
highestHigh = ta.highest(periods)
lowestLow = ta.lowest(periods)
span = 25 / (highestHigh - lowestLow) * lowestLow
ema34 = ta.ema(source, 34)
x1_ema34 = 0
x2_ema34 = 1
y1_ema34 = 0
y2_ema34 = (ema34[1] - ema34) / avg * span
c_ema34 = math.sqrt((x2_ema34 - x1_ema34)*(x2_ema34 - x1_ema34) + (y2_ema34 - y1_ema34)*(y2_ema34 - y1_ema34))
emaAngle_1 = math.round(180 * math.acos((x2_ema34 - x1_ema34)/c_ema34) / pi)
emaAngle = 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
By measuring normalized EMA slope changes relative to the highest high and lowest low of the recent 30 bars, it maps the angle into specific color-coded columns in a separate pane. Distinct colors highlight strong bullish trends, mild momentum, sideways movement, and bearish consolidation phases.
- 34-period EMA angle slope calculation
- Multi-colored visual histogram display
- Normalized high-low range scaling
Details
Published by
TWODS-CAPITAL on GitHub
Type
Indicator, Pine Script v5
Draws
Separate pane below the chart
Category
Trend, 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.
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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