OPEN-SOURCE SCRIPT
Oster Double Chop
This indicator is based on the Chopiness Index. If you're used to trade with the Chop, you may check several timeframes to enter a position. It starts getting annoying to check 2 timeframes for every single position you want to enter in, thanks to this indicator, you'll be able to monitor it in a single indicator.
2 parameters will have to be set up:
The fixed timeframe is a timeframe that will be locked, and displayed no matter your session timeframe. You can change it in the parameters.
The session timeframe will depend on the timeframe selected on your chart.
By this way you can monitor 1 timeframe for any chart, and the other chop is flexible depending on what timeframe you're monitoring.
NOTE: if your session timeframe is the same as the fixed timeframe, you will see only one chop line because they overlay.
Have a nice trading!
2 parameters will have to be set up:
- Fixed timeframe
- Session timeframe
The fixed timeframe is a timeframe that will be locked, and displayed no matter your session timeframe. You can change it in the parameters.
The session timeframe will depend on the timeframe selected on your chart.
By this way you can monitor 1 timeframe for any chart, and the other chop is flexible depending on what timeframe you're monitoring.
NOTE: if your session timeframe is the same as the fixed timeframe, you will see only one chop line because they overlay.
Have a nice trading!
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 publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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