OPEN-SOURCE SCRIPT
Pork Chop
Approach for detecting price 'chop'.
It's quite simple; instead of trying to detect chop, just measure the weakness of a trend.
This is done by essentially taking two moving averages, measuring their relative difference and then take a moving average of this difference of 'n' periods (Lookback)
The result can be measured against a threshold 'floor' which determines the weakness of the trend and thus, chop.
I use portions from NGBaltic's work: tradingview.com/u/NGBaltic so the responsiveness of the detection is slightly higher than bog standard EMAs.
Might be of some interest to bot developers, play with the settings!
Cheers
It's quite simple; instead of trying to detect chop, just measure the weakness of a trend.
This is done by essentially taking two moving averages, measuring their relative difference and then take a moving average of this difference of 'n' periods (Lookback)
The result can be measured against a threshold 'floor' which determines the weakness of the trend and thus, chop.
I use portions from NGBaltic's work: tradingview.com/u/NGBaltic so the responsiveness of the detection is slightly higher than bog standard EMAs.
Might be of some interest to bot developers, play with the settings!
Cheers
Script de código aberto
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Aviso legal
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.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
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.