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The Chop Zone is part of Woodies CCI trading system and measures the angle of an EMA34 and the differences between the close price and displays this by converting the values calculated into colors.
Our version is combined with Chandes Trend Score and SideWinder logic to optionally filter trading signals, so you almost get three indicators in one!

 

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Chopzone settings

ChopZone Colors

The ChopZone coloring is as follows:

ColorMeaningSignal
YellowAbsolute value of the difference is less than or equal to ticksize value (TS)None
LimeThe difference is in the (TS; 2*TS] rangeWeak Long
Light GreenThe difference is in the (2TS; 3TS] rangeWeak Long
Dark GreenThe difference is in the (3TS; 4TS] rangeWeak Long
CyanThe difference is greater than 4*TSStrong Long
Light OrangeThe difference is in the (-2*TS; -TS] rangeWeak Short
Dark OrangeThe difference is in the (-3TS; -2TS] rangeWeak Short
Light RedThe difference is in the (-4TS; -3TS] rangeWeak Short
Dark RedThe difference is lower than -4*TSStrong Short

SideWinder Colors

The SideWinder coloring is as follows:

ColorMeaningSignal
RedNo trendNone
YellowTransitionWeak at max
Lime GreenTrendChopZone signal

Signals

Strong LongWhen ChopZone is Strong Long and SideWinder (if enabled) is Green and CTS (if enabled) is Green (at top of indicator panel)
Weak LongSee ChopZone Colors table
NoneSee ChopZone Colors table, or when SideWinder is enabled and red
Weak ShortSee ChopZone Colors table
Strong ShortWhen ChopZone is Strong Short and SideWinder (if enabled) is Green and CTS (if enabled) is Red (at bottom of indicator panel)
See also ChopZone and SideWinder color definitions

Settings

Ignore SideWinder SignalsEnable this to ignore the Woodies CCI SideWinder, otherwise the SideWinder is plotted at the top of the indicator and the signals combined with the ChopZone signals
ChandesTrendScore LookbackEnter a lookback period to show and combine the ChandesTrendScore (CTS), or zero to disable this
ChopZone plotThe ChopZone is plotted as vertical lines (a flat histogram), and is colored automatically by the indicator.
So the only thing that makes sense changing is the width of the bars
SideWinder plotThe SideWinder is plotted at level 90, and is colored automatically by the indicator.
You can change the width and the shape
ChandesTrendScore plotThe ChandesTrendScore (CTS) is plotted as a line and is automatically colored red or green for extreme values. You can change the width and the color in between extremes

Alerts

  • When the signal becomes Strong
  • When the Strong signal ends