IT_ChopMeters

The ChopMeter3a plots on the price panel and follows price. It is also a very nice MA to help determine longs and shorts and when to stay in trades. The ChopMeter3b plots in a lower panel and is meant to help keep the price panel clean.

Updated versions allow a sensitivity setting to fit your needs.

Added ability to select  a three color mode to show Up/Down Trend and Chop 1/7/10

1/16/10 Added a third method of calculating chop/trends and 1/18/10 exposed the trends and (on 3a) the MA lines for usage in other indicators or strategies. Now better than ever.

Here is a comparison between the three calculation methods

12/5/10 - NT7 versions of Chopmeter now using NT7 features and are more memory efficient, etc. Also added the ability to plot off the zero line in the 3b indicator in both NT6.5 and NT7 versions, allowing multiple plots in one panel.

Sensitivity3 setting for Method3 now is allowed to be incremented in decimals for finer tuning.

8/25/11 - Current ChopMeters are strategy ready.

In 'Show Trend Direction' = true mode: Public IntSeries TrendSeries value of 1 = uptrend, -1 = downtrend, 0 = chop.

In 'Show Trend Direction' = false mode: Public IntSeries TrendSeries value of 1 = trend, 0 = chop. (-1 not used in this mode)