Simple Chop Zone

The original Chop Zone indicator by Trading View is good, but has a few limitations which I've addressed in this one

Too many colors which confuse and/or overwhelm users like me
Inability to change the EMA period

This one has just 3 customizable colors for
* Uptrend - default = Turquoise
* Downtrend - default = red
* Everything else - default = lime

And you can set your own EMA length. The default is 34 as per the original Chop Zone indicator

Release Notes

Added Inputs options for EMA Angle Uptrend and Downtrend - Defaults are 5 & -5. If you change the EMA from default 34 to any other, then the default threshold for Uptrend & downtrend no longer apply. So this is a way to change that.
For faster EMA's i.e. faster than the default 34, use a higher EMA Angle value as the ema will tend to to rise/fall steeper and vice versa for slower EMA's

Open-source script

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

For quick access on a chart, add this script to your favorites — learn more here.

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Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Open-source script

For quick access on a chart, add this script to your favorites — learn more here.

meterdown