The purpose of this script is to decipher chop zones from runs/movement/explosion
The chop is RSI movement between 40 and 60 tight chop is RSI movement between 45 and 55. There should be an explosion after RSI 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."
There is something wrong with the code. For values of closes greater than 100 like on BP(British Petroleum), it doesn't paint the bars. I don't understand the code on lines 30, 33, 36, 39 and 42. close[1]<rsi and close<55 it doesn't make sense to me and after ? shouldn't be true : false ? I know you're not a programmer neither am I but please check out the code.
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.
sal157011
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@fhenry0331, You are comparing the yesterday's security close with the rsi "close[1]<rsi" which doesn't make sense, you shouldn't compare "apples and pears". I don't know what was your intention. If you want in daily time frame to compare today's close with yesterday's close should be "close[1]<close" and if you want to compare yesterday's rsi with today's rsi should be "rsi[1]<rsi" which means "rsi is going up". Maybe you wanted to write "rsi" and wrote "close" instead? Maybe substituting "rsi" for "close" on those lines would solve the problem.
sal157011
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@sal157011, Sorry, this editor don't write the square brackets. I wanted to write close(1)<close, rsi(1)<rsi but with square brackets like in the script.
cleanablepuma
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@sal157011, You are correct. It doesn't make sense to compare an RSI value (e.g. between 0 and 100) to a price value (close - e.g. ESM2020 $2800).
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
NYBKLYN
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@cleanablepuma, Brother this was an attempt to present something to the community. It is not perfect, as I am not perfect. I just enjoy sharing and helping others as it is the way I was brought up. I thank you for your improvements to the community as a whole. Best of luck.
cleanablepuma
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@fhenry0331, Not sure what made you take that the wrong way. Anyways, I appreciate the concept and I am using it daily now, it is really good for making trades when there is actually significant price movement. Thank you for the base script. I also made it able to trigger an alert if anyone wants that just ask.
tophat4d
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@cleanablepuma, can I have a copy please. Thank you. Mark.
tophat4d at Gmail dot com
The Simple Trender is great, thanks a lot.