OPEN-SOURCE SCRIPT
Chop Filter
It is common knowledge that most traders lose money by leaving trends too early and not letting profits run. Chop Filter attempts to paint over wrong-colored candles which might psychologically cause traders to bail off the trend. It also tries to detect potential trend reversals (experimental).
How it works. Chop Filter highlights wicks with a shaded background based on close relative to a volume-weighted moving average (vwma). If it closes up, or if there are higher lows, it shades the background blue. If it closes down, or there are lower highs, it colors the background red. Finally, it shows a big arrow indicating the direction prices are headed, based on the vwma. The arrow helps me to consider where prices might go, and play out different scenarios, rather than being a true prediction. In fact, it is often wrong when there is a lot of volatility, which can also be a good thing.
I find the shaded background has a calming effect that reduces stress. It also helps identify trends in the wicks that are otherwise difficult to see.
There are some other options to play with, such as highlighting narrowing or widening price action in yellow or optionally showing the vwma .
Have fun!
How it works. Chop Filter highlights wicks with a shaded background based on close relative to a volume-weighted moving average (vwma). If it closes up, or if there are higher lows, it shades the background blue. If it closes down, or there are lower highs, it colors the background red. Finally, it shows a big arrow indicating the direction prices are headed, based on the vwma. The arrow helps me to consider where prices might go, and play out different scenarios, rather than being a true prediction. In fact, it is often wrong when there is a lot of volatility, which can also be a good thing.
I find the shaded background has a calming effect that reduces stress. It also helps identify trends in the wicks that are otherwise difficult to see.
There are some other options to play with, such as highlighting narrowing or widening price action in yellow or optionally showing the vwma .
Have fun!
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