and by ceyhun
This indicator is based on the inverse relationship between CHOP and .
If the is greater than CHOP, the Bar color will be blue.
If CHOP is greater than , the bar color will be red.
If CHOP is less than 38.2, the color will turn blue. positive
If the CHOP is between 38.2 and 61.8, the color will be yellow and neutral.
If CHOP is greater than 61.8, the color will turn red. negative
If is greater than 61.8, the color will turn blue, positive
If is between 38.2 and 61.8, the color will be hexagonal and neutral
If is less than 38.2 the color will be red, negative
The (CHOP) is an indicator designed to determine if the market is choppy (trading sideways) or not choppy (trading within a trend in either direction). The is an example of an indicator that is not directional at all. CHOP is not meant to predict future market direction, it is a metric to be used to for defining the market's trendiness only. A basic understanding of the indicator would be; higher values equal more , while lower values indicate directional trending.
The ( ) is a well versed momentum based oscillator which is used to measure the speed (velocity) as well as the change (magnitude) of directional price movements. Essentially the , when graphed, provides a visual mean to monitor both the current, as well as historical, strength and weakness of a particular market. The strength or weakness is based on closing prices over the duration of a specified trading period creating a reliable metric of price and momentum changes. Given the popularity of cash settled instruments (stock indexes) and leveraged financial products (the entire field of derivatives); has proven to be a viable indicator of price movements.
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barcolor(Barcolor ? change1 :na)
barcolor gives the main trend. The other part can be confusing so I didn't add it.