Simple Chop Zone

meterdown Updated   
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 author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.


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