I have the following code that I'd like to add to have converted into a column in the watchlist. It's the RSI code with a grey color when in the "Chop Zone" Can someone with the knowledge be able to do that? I THINK it needs a lot of def code.

All I'm interested is for the column to say "CHOP" when the RSI is in the chop zone which is between 40 & 60 else the column will be black.

I was just looking at the Custom Quote Formula area where the code would be pasted. Concerning the time selection next to Column Name, are tick candle charts not available?

#
# TD Ameritrade IP Company, Inc. (c) 2007-2020
#

declare lower;

input length = 14;
input over_Bought = 70;
input over_Sold = 30;
input price = close;
input averageType = AverageType.WILDERS;
input showBreakoutSignals = no;

def NetChgAvg = MovingAverage(averageType, price - price[1], length);
def TotChgAvg = MovingAverage(averageType, AbsValue(price - price[1]), length);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;
plot chop1 = 60;
plot chop2 = 40;
def Between1 = Between(close, chop1, chop2);


plot RSI = 50 * (ChgRatio + 1);
plot OverSold = over_Sold;
plot OverBought = over_Bought;
plot midline = 50;
plot UpSignal = if RSI crosses above OverSold then OverSold else Double.NaN;
plot DownSignal = if RSI crosses below OverBought then OverBought else Double.NaN;

UpSignal.SetHiding(!showBreakoutSignals);
DownSignal.SetHiding(!showBreakoutSignals);

RSI.DefineColor("OverBought", GetColor(5));
RSI.DefineColor("Normal", GetColor(7));
RSI.DefineColor("OverSold", GetColor(1));
RSI.DefineColor("Between1", GetColor(3));
RSI.AssignValueColor(if RSI > over_Bought then RSI.color("OverBought") else if RSI < over_Sold then RSI.color("OverSold") else if RSI > chop2 and RSI < chop1 then RSI.color("Between1") else RSI.color("Normal"));
OverSold.SetDefaultColor(GetColor(8));
OverBought.SetDefaultColor(GetColor(8));
UpSignal.SetDefaultColor(Color.UPTICK);
UpSignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
DownSignal.SetDefaultColor(Color.DOWNTICK);
DownSignal.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);

This is what I have right now but it the color is black when the RSI is clearly in the "Chop Zone" between 60 & 40

I'm sure it's something I've done wrong

def length = 14;
def price = close;
def averageType = AverageType.WILDERS;

def NetChgAvg = MovingAverage(averageType, price - price[1], length);
def TotChgAvg = MovingAverage(averageType, AbsValue(price - price[1]), length);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;
def chop1 = 60;
def chop2 = 40;
def Between1 = Between(close, chop1, chop2);

def RSI = 50 * (ChgRatio + 1);

AddLabel(Between1, "CHOP",color.black);
AddLabel(!Between1, " ", color.black);
AssignBackgroundColor(if Between1 then color.GRAY else color.black);

Second try...Nope

def length = 14;
def price = close;
def averageType = AverageType.WILDERS;


def NetChgAvg = MovingAverage(averageType, price - price[1], length);
def TotChgAvg = MovingAverage(averageType, AbsValue(price - price[1]), length);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;
def chop1 = 60;
def chop2 = 40;
def Between1 = Between(close, chop1, chop2);

def RSI = 50 * (ChgRatio + 1);

AddLabel(Between1, "CHOP",color.black);
AddLabel(!Between1, " ", color.black);
AssignBackgroundColor(if Between1 then color.GRAY else color.black);

No one knows?

I think you want to check if the RSI value is between 40 and 60. Currently, you're passing in the close price, which is part of the issue. Besides that, for some reason the between function doesn't seem to work as expected, so I redefined the check using a simple greater than less than expression, which achieves the same result.

Hope this helps,
Jay

 

Code

def length = 14; def price = close; def averageType = AverageType.WILDERS; def NetChgAvg = MovingAverage(averageType, price - price[1], length); def TotChgAvg = MovingAverage(averageType, AbsValue(price - price[1]), length); def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0; def chop1 = 60; def chop2 = 40; def RSI = 50 * (ChgRatio + 1); def between1 = RSI <= chop1 and RSI >= chop2; AddLabel(1, if between1 then "CHOP" else " ", color.black); AssignBackgroundColor(if between1 then color.GRAY else color.black);

I figured out why between wasn't working. The high/low chop values needed to be reversed, low then high range. Also, you can just call the RSI function since you're using the exact same calculation. So the latest version...

Jay

 

Code

input length = 14; input price = close; input averageType = AverageType.WILDERS; def chop1 = 40; def chop2 = 60; def signal = RSI(length=length, price=price, averageType=averageType).RSI; def choppy = Between(signal, chop1, chop2); AddLabel(1, if choppy then "CHOP" else " ", color.black); AssignBackgroundColor(if choppy then color.GRAY else color.black);

Thank you so much