RSI chop filter

This demonstrates how you might filter your signals using RSI , but the same technique could be applied to Stochastic RSI and any other oscillator that has overbought and oversold conditions.

Use it as a visual indicator to determine when to enter a trade:

Red = Chop zone (no trade)
Bright red = Tight chop (dear god stay away)
Green = Overbought or oversold (signals permitted)
Bright green = Crossing up/down (take the trade)

To apply the filter, simply add 'and not chop' after your conditions as seen in the commented out example.
Release Notes: Swapping out a variable. A minor improvement.
Remove from Favorite Scripts Add to Favorite Scripts


Useful and easy to read - just how I like my indicators. Thanks!
Hm, for me it doesnt draw on chart...its not working at all?
Its not bad but you could get more out of it. Changing the RSI length would be great. I notice with current settings its often a bit late.

And what about the moment there are no visuals? Volume weighted RSI would be really cool.
colinmck belle88
@belle88, Cool, then feel free to grab this and tweak it for your needs
Thanks so much for the indicator, loved it
colinmck AnthonyS999
@AnthonyS999, You're very welcome!
Been going through your scripts and checking them out. I have to say, nice job (!) and I like the sense of humor, too! (Bright red - dear god stay away!) :)
colinmck Pop-A-Bear
@Pop-A-Bear, Ha, thanks! Got to have a sense of humour, especially just now!
Thanks for indicator firstly but I am trying to understand, is the green where rsi is >70 & <30?
colinmck Uni_ve12se
@Uni_ve12se, You're welcome! And that's right - areas of overbought and oversold, indicating an incoming trade. Light green is the price crossing both of those values.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out