The chop is movement between 40 and 60
tight chop is movement between 45 and 55. There should be an explosion after breaks through 60 (long) or 40 (short). Tight chop bars are colored black, a series of black bars is tight consolidation and should explode imminently. The longer the chop the longer the explosion will go for. tighter the better.
Loose chop (whip saw/yellow bars) will range between 40 and 60.
the move begins with blue bars for long and purple bars for short.
Couple it with your trading system to help stay out of chop and enter when there is movement. Use with "Simple Trender."
Best of luck in all you do. Get money.
The Simple Trender is great, thanks a lot.
Hi Sal, Apologies for any issues you are experiencing, but as stated, I am not a programmer. What do you mean for values of closes greater than 100? The index is 0 to100.
looking at the code, I guess line 30 could be close < 100, but that won't solve the issue you are having. It is unbeknownst to me why the script works with some securities and not with others. For me some bars won't paint for US Steel. To answer your questions about the lines, I was trying to show distinct color of bars between RSI "zones" (60 to 100, 40 to 0, and so on). If you can figure out a better or have any ideas, I am receptive. Thank you for your post. Best of luck. Glad you enjoy the Simple Trender.
close < rsi and close > 0 --> are always true - so bars turn up whatever color you suggest when the first condition is met.
Try this (keeping in mind I spent 5 minutes looking at it - let me know if there are errors): --Not showing brackets...
cond1 = rsi > 60 and close(1) < close and rsi > 0 ? 1 : 0
barcolor(cond1 ? color.blue : na)
cond2 = rsi < 40 and close(1) > close and rsi > 0 ? 1 : 0 --- note invert the sign to make this correct
barcolor(cond2 ? color.purple : na)
cond3 = rsi > 55 and rsi < 60 ? 1 : 0 --- took out close reference as price doesn't really matter here - otherwise you are going to get red bars sometimes
barcolor(cond3 ? color.yellow : na)
cond4 = rsi > 45 and rsi < 55 ? 1 : 0 --- took out close reference because if it is in the black the closes don't matter
barcolor(cond4 ? color.black : na)
cond5 = rsi > 40 and rsi < 55 ? 1 : 0 --- took out close reference as price doesn't really matter here - otherwise you are going to get green bars sometimes
barcolor(cond5 ? color.yellow : na)
P.s. there are a lot of weird things with this script that can be changed if you have an opinion on it
tophat4d at Gmail dot com
I’ll take a look at that. Thanks.
cond1 = rsi > 60 and rsi < close and close > 0 ? 1 : 0
barcolor(cond1 ? blue : na)
cond2 = rsi < 40 and rsi < close and close > 0 ? 1 : 0
barcolor(cond2 ? purple : na)
cond3 = rsi > 55 and rsi < close and close < 60 ? 1 : 0
barcolor(cond3 ? yellow : na)
cond4 = rsi > 45 and rsi < close and close < 55 ? 1 : 0
barcolor(cond4 ? black : na)
cond5 = rsi > 40 and rsi < close and close < 55 ? 1 : 0
barcolor(cond5 ? yellow : na)
This will allow the indicator to show the coloring of the bars; thanks sal157011 for the tip, I got it working how I need it to work now