Hellork

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!
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Hi.

@Hellork I'm try to use the indicator but the trend line didn't out as the above visual.
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MrMama MrMama
What i mean is, the blue and red trend line. Its same or different indicator...?
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Hellork MrMama
@MrMama, That's just a Regression Trend, available in the Tradingview drawing tools, and also as an indicator.
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The yellow arrow is Chop Filter saying the price will break out to the upside, unless market momentum changes soon...

Was it correct? Click the |> to load more bars and see.
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