Chop Zone 9000
Chop Zone 9000 is based off Chop Zone by E.W Dreiss. Unlike the original Chop Zone, the main use for this iteration is support and resistance. There are 5 bars and each one represents a line of resistance. There will be areas where all red bars seem to clear up magically— this is due to gap ups or breakouts. The greatest benefit from this indicator is the ability to see if breakout attempts are successful. If the indicator sinks back into the red, then it is obvious that the trade should be abandoned.
I have implemented several alerts in this script. The most important alerts are the level 5 break, where the 5th bar is blue. It is common for price to stagnate if only the first few rows are blue. Therefore, I suggest it is certainly valuable to simply wait for all levels to clear before entering a trade.
I have implemented several alerts in this script. The most important alerts are the level 5 break, where the 5th bar is blue. It is common for price to stagnate if only the first few rows are blue. Therefore, I suggest it is certainly valuable to simply wait for all levels to clear before entering a trade.