[ad] MFI + CHOP
MFI + CHOP places the standard Money Flow Index and Choppiness Index in one pane, allowing volume-weighted buying/selling pressure to be viewed alongside market regime without switching between panels. It uses one indicator slot and preserves the original values of both oscillators.
HOW IT WORKS
The purple MFI line uses typical price (HLC3) and volume, with a default length of 14. Its default reference levels are 80 and 20. The blue CHOP line uses the logarithm of summed one-bar true range divided by the highest-high/lowest-low range, also with a default length of 14. Its default reference levels are 61.8 and 38.2.
HOW TO READ THE COMBINATION
MFI describes buying/selling pressure. CHOP provides context: relatively high readings describe more consolidation, while relatively low readings describe more directional price behavior. CHOP does not specify whether the direction is up or down. For example, an MFI extreme can be considered together with whether CHOP is high or low, rather than treating every MFI extreme as the same market condition. This script leaves interpretation to the user and does not generate automatic entries or exits.
SETTINGS AND DISPLAY
Lengths, MFI source and reference levels are adjustable. The background zones and 50 midline can be disabled. Plot colors and widths are configurable in Style. Both lines share the same value scale; there is no normalization or vertical offset. This can look different from two independent axes in a manually merged pane.
VALIDATION AND LIMITATIONS
Compared against TradingView's built-in Money Flow and Choppiness Index on 399 closed ETHUSDT candles on each of the 24-minute and 2-hour timeframes. The largest differences were approximately 1.1e-12 for MFI and 1.5e-14 for CHOP, consistent with floating-point rounding. This is a calculation check, not a trading-performance claim.
Open-candle values change with incoming price and volume. No future bars, backdated pivots or plot offsets are used. MFI needs volume data and may be undefined when money flow is undefined. CHOP is undefined when the price range is zero. Early bars may lack sufficient history. No alerts, trading signals or strategy orders are included.
Credits: MFI was developed by Gene Quong and Avrum Soudack; CHOP by E. W. Dreiss. This script combines their standard formulas; it does not claim a new oscillator or proprietary signal model.
For informational and educational use. Not financial advice.
HOW IT WORKS
The purple MFI line uses typical price (HLC3) and volume, with a default length of 14. Its default reference levels are 80 and 20. The blue CHOP line uses the logarithm of summed one-bar true range divided by the highest-high/lowest-low range, also with a default length of 14. Its default reference levels are 61.8 and 38.2.
HOW TO READ THE COMBINATION
MFI describes buying/selling pressure. CHOP provides context: relatively high readings describe more consolidation, while relatively low readings describe more directional price behavior. CHOP does not specify whether the direction is up or down. For example, an MFI extreme can be considered together with whether CHOP is high or low, rather than treating every MFI extreme as the same market condition. This script leaves interpretation to the user and does not generate automatic entries or exits.
SETTINGS AND DISPLAY
Lengths, MFI source and reference levels are adjustable. The background zones and 50 midline can be disabled. Plot colors and widths are configurable in Style. Both lines share the same value scale; there is no normalization or vertical offset. This can look different from two independent axes in a manually merged pane.
VALIDATION AND LIMITATIONS
Compared against TradingView's built-in Money Flow and Choppiness Index on 399 closed ETHUSDT candles on each of the 24-minute and 2-hour timeframes. The largest differences were approximately 1.1e-12 for MFI and 1.5e-14 for CHOP, consistent with floating-point rounding. This is a calculation check, not a trading-performance claim.
Open-candle values change with incoming price and volume. No future bars, backdated pivots or plot offsets are used. MFI needs volume data and may be undefined when money flow is undefined. CHOP is undefined when the price range is zero. Early bars may lack sufficient history. No alerts, trading signals or strategy orders are included.
Credits: MFI was developed by Gene Quong and Avrum Soudack; CHOP by E. W. Dreiss. This script combines their standard formulas; it does not claim a new oscillator or proprietary signal model.
For informational and educational use. Not financial advice.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.