ChopScore

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📝 Script Description: ChopScore – Candle-Based Choppiness Indicator
The ChopScore indicator helps traders assess the cleanliness and quality of recent price action by analyzing the relationship between candle body size and overall candle range (high-low).

Unlike traditional volatility or trend indicators, ChopScore does not assume trend direction. Instead, it focuses on how "clean" or "choppy" the price movement is, helping traders spot scrips and environments prone to shakeouts, fakeouts, or stop hunts.

📊 How It Works:

• Calculates a custom choppiness score based on the ratio of the candle body to its full range (wicks included).
  
• A smoothed average is plotted over a user-defined lookback period
  

.

The current score is displayed in a table on the chart, with colors indicating the choppiness level:

🔵 < 50: Cleaner price action (lower shakeout risk)
🟢 50–54.99: Moderate
🟠 55–59.99: Messier price action
🔴 ≥ 60: Very choppy (high shakeout potential)

⚙️ Inputs:

1. Lookback Period – Controls how many bars are used for averaging the choppiness.
   
2. Table Position – Choose where the score appears on the chart.
   

🎯 Use Case:
Use ChopScore to:

1. Identify scrips where price action is clean and decisive (e.g., safer entries).
   
2. Avoid scrips noise and shakeout potential.
   
3. Complement trend/momentum indicators without confusing direction with structure.
   

📌 Notes:

1. This script is for educational purposes and does not provide buy/sell signals.
   
2. Always confirm with additional tools or analysis before trading decisions.
   

1 thg 9

Phát hành các Ghi chú

📝 Script Description: ChopScore – Candle-Based Choppiness Indicator
The ChopScore indicator helps traders assess the cleanliness and quality of recent price action by analyzing the relationship between candle body size and overall candle range (high-low).

Unlike traditional volatility or trend indicators, ChopScore does not assume trend direction. Instead, it focuses on how "clean" or "choppy" the price movement is, helping traders spot scrips and environments prone to shakeouts, fakeouts, or stop hunts.

📊 How It Works:
Calculates a custom choppiness score based on the ratio of the candle body to its full range (wicks included).
A smoothed average is plotted over a user-defined lookback period
.

The current score is displayed in a table on the chart, with colors indicating the choppiness level:

🔵 < 50: Cleaner price action (lower shakeout risk)
🟢 50–54.99: Moderate
🟠 55–59.99: Messier price action
🔴 ≥ 60: Very choppy (high shakeout potential)

⚙️ Inputs:
Lookback Period – Controls how many bars are used for averaging the choppiness.
Table Position – Choose where the score appears on the chart.


🎯 Use Case:
Use ChopScore to:
Identify scrips where price action is clean and decisive (e.g., safer entries).
Avoid scrips noise and shakeout potential.
Complement trend/momentum indicators without confusing direction with structure.


📌 Notes:

This script is for educational purposes and does not provide buy/sell signals.
Always confirm with additional tools or analysis before trading decisions.