OPEN-SOURCE SCRIPT
Choppiness Index MTF
CHOP Multi-Timeframe Range & Trend Detector
🎯 What does this indicator do?
The Choppiness Index measures whether the market is trending or ranging. The problem with the classic CHOP: it only looks at a single timeframe. This indicator displays the Choppiness Index across multiple timeframes simultaneously, right on your chart, so you can instantly see whether higher timeframes confirm or contradict your trading timeframe.
⚙️ How it works
The CHOP is calculated on each selected timeframe (e.g. M15, H1, H4, D1) using request.security().
Reading the values:
CHOP > 61.8 → ranging / consolidating market, avoid breakout entries
CHOP < 38.2 → established trend
In between → transition zone, trade with caution
A summary table displays the value and state (Range / Transition / Trend) of each timeframe with color coding.
📊 How to use it
Pick your timeframes in the settings based on your style (scalping, intraday, swing)
Wait for alignment: when several timeframes drop below 38.2, the trend is solid across all scales
Filter your entries: a high CHOP on a higher timeframe = your lower-timeframe breakout is more likely to fail
Combine with your price action reading — this indicator is a context filter, not an entry signal
🔧 Settings
CHOP length (default: 14)
Displayed timeframes (up to 4)
Customizable thresholds (61.8 / 38.2 by default)
Table position and size
⚠️ Note
No indicator predicts the market. The CHOP describes the current market state.
use it as a context filter within a complete strategy with proper risk management.
🎯 What does this indicator do?
The Choppiness Index measures whether the market is trending or ranging. The problem with the classic CHOP: it only looks at a single timeframe. This indicator displays the Choppiness Index across multiple timeframes simultaneously, right on your chart, so you can instantly see whether higher timeframes confirm or contradict your trading timeframe.
⚙️ How it works
The CHOP is calculated on each selected timeframe (e.g. M15, H1, H4, D1) using request.security().
Reading the values:
CHOP > 61.8 → ranging / consolidating market, avoid breakout entries
CHOP < 38.2 → established trend
In between → transition zone, trade with caution
A summary table displays the value and state (Range / Transition / Trend) of each timeframe with color coding.
📊 How to use it
Pick your timeframes in the settings based on your style (scalping, intraday, swing)
Wait for alignment: when several timeframes drop below 38.2, the trend is solid across all scales
Filter your entries: a high CHOP on a higher timeframe = your lower-timeframe breakout is more likely to fail
Combine with your price action reading — this indicator is a context filter, not an entry signal
🔧 Settings
CHOP length (default: 14)
Displayed timeframes (up to 4)
Customizable thresholds (61.8 / 38.2 by default)
Table position and size
⚠️ Note
No indicator predicts the market. The CHOP describes the current market state.
use it as a context filter within a complete strategy with proper risk management.
Open-source script
In true PulseWire spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Website : captain-trading.com
Youtube:
Twitter (FR) :
Facebook :
Youtube:
Twitter (FR) :
Facebook :
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by PulseWire. Read more in the Terms of Use.
Open-source script
In true PulseWire spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Website : captain-trading.com
Youtube:
Twitter (FR) :
Facebook :
Youtube:
Twitter (FR) :
Facebook :
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by PulseWire. Read more in the Terms of Use.