Choppiness Index Indicator for ThinkorSwim

@dannoh99 Here you go:

appyTCB.png
 

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@Greenbacks Yes, the good thing is that it should work without any additional modification. Just make sure to set the correct timeframe you want to use for the watchlist column.
 
How to filter stocks that don't have any activity recently, in other words, stocks that has choppy buy/sell on any day.
 
Thanks man. Can you edit the code so that I dont see the lower study, but only a text such as "Market Sideways " or "Market Choppy" displays on the top left of the chart, and the candle color changes as you have already done?
 
Last edited:
@thealphabreed Here is the modified code, removed the lower study and only highlight choppy candles on your chart:

Code:
# Sideways Indicator
# Original Code developed by WalkingBallista
# Concept and Idea by BenTen at useThinkScript.com
# Identify choppy market. Can also be used to find consolidation/breakout patterns.
# Version 1.0 (read changelog in the forum)

input length = 14;
input averageType = AverageType.WILDERS;
input price = close;

def hiDiff = high - high[1];
def loDiff = low[1] - low;

def plusDM = if hiDiff > loDiff and hiDiff > 0 then hiDiff else 0;
def minusDM =  if loDiff > hiDiff and loDiff > 0 then loDiff else 0;

def ATR = MovingAverage(averageType, TrueRange(high, close, low), length);
def "DI+" = 100 * MovingAverage(averageType, plusDM, length) / ATR;
def "DI-" = 100 * MovingAverage(averageType, minusDM, length) / ATR;

def range = AbsValue(AbsValue("DI+")-AbsValue("DI-"));

# Define Consolidation Range
# Change the number 5 to 10 if you want more sideways filter
AssignPriceColor(if range < 5 then Color.Yellow else Color.Current);
 
Thanks @BenTen You rock!
On a sidenote, which timeframe, in your experience, is best for trading (daytrading).
I have been struggling to choose between 1 min and 5min
1min gives so many false moves
and with 5min, the price breaks out, but then reverses 10-20c (sometimes) before making a move up again.
Any suggestions/advise would help!
 
@thealphabreed You should be looking at multiple timeframes, especially the higher timeframe. The 5min is the smallest timeframe I would go to.
 
@thealphabreed,
You will find when using this site, it is helpful to read the threads from the beginning. You can often get additional insight into the subject matter and find the information that you are looking for. Thus saving yourself time and effort.
See comment #5 and comment #33
 
@thealphabreed, Looking at Multiple Time Frames will confirm signals from your strategy. I don't do TTM squeezes but if you search the threads on the squeeze, you will find they extensively cover the use of MTFs.
Once you have confirmed your signal on the MTFs, you can use the one minute chart to time your entries and exits.
 
@thealphabreed, Looking at Multiple Time Frames will confirm signals from your strategy. I don't do TTM squeezes but if you search the threads on the squeeze, you will find they extensively cover the use of MTFs.
Once you have confirmed your signal on the MTFs, you can use the one minute chart to time your entries and exits.
Can you direct me to the link? I cant find it
 
Let me preface this with, I am not trying to be snarky, truly. I am a newbie, too so I know how overwhelming all this can be.
To be good at stock trading, you need to build robust research and analysis skills.
I did a search on this site for MTF TTM squeeze and got 73 results. The very 1st result is six pages about that indicator and how to do MTF analysis.
You will need to be able to search this site and the whole of the internet in order to build the rest of your skills.
 
@thealphabreed You should be looking at multiple timeframes, especially the higher timeframe. The 5min is the smallest timeframe I would go to.
I use the 5min chart for trend and the 2min chart for entries. 2min and 5min timeframes need to have confluence. Otherwise, you don’t know if a move on a lower timeframe is with or against the larger trend.
 

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