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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
Choppiness Index
Choppiness Index is a volatility and trend indicator that measures whether a market is consolidating or trending directionally.
GitHub stars37on the repository
Pine versionv5runs as is
Lines of code10
Settings2inputs
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
10 lines of Pine Script v5 from Technical-Indicators/Technical Indicators are Here🤩/choppiness-index.pine, published under MIT. Keep the author's credit and licence lines when you reuse it.
//@version=5
indicator(title="Choppiness Index", shorttitle="CHOP", format=format.price, precision=2, timeframe="", timeframe_gaps=true)
length = input.int(14, minval=1)
ci = 100 * math.log10(math.sum(ta.atr(1), length) / (ta.highest(length) - ta.lowest(length))) / math.log10(length)
offset = input.int(0, "Offset", minval = -500, maxval = 500)
plot(ci, "CHOP", color=#2962FF, offset = offset)
band1 = hline(61.8, "Upper Band", color=#787B86, linestyle=hline.style_dashed)
hline(50, "Middle Band", color=color.new(#787B86, 50))
band0 = hline(38.2, "Lower Band", color=#787B86, linestyle=hline.style_dashed)
fill(band1, band0, color = color.rgb(33, 150, 243, 90), title = "Background")
Overview
Choppiness Index calculates the ratio of the true range sum over a specified period to the highest and lowest price range, scaled logarithmically between 0 and 100. The script draws a continuous line in a separate pane alongside horizontal threshold lines at 38.2, 50, and 61.8. Values above 61.8 signify choppy consolidation, while values below 38.2 indicate a trending state. Configurable inputs include calculation length and plot offset.
- Choppiness Index calculation
- Configurable lookback length
- Horizontal reference bands at 38.2 and 61.8
- Visual background fill between bands
- Customizable plot offset
Details
Published by
TWODS-CAPITAL on GitHub
Type
Indicator, Pine Script v5
Draws
Separate pane below the chart
Category
Volatility & bands, Trend
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 |
|---|---|---|---|
| length | int | 14 | length |
| Offset | int | 0 | offset |
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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