Traders Paradise

This script basically colors your chart background:
  • Color Grey: Rangebound or Option Seller's Market. You may see a lot of small candles & range-bound trading here.
  • Color Red: Choppy & Flashy or Stop Loss Hunting. You may see large up and down moves looking to hit SL's
  • Color Green: Directional Market or Option Buyer's Market. You will expect to see a more smooth ride in one direction followed by another depending on chart levels.

This indicator plays with choppiness & ATR with moving averages to find good trading fields and may be helpful when trading options to time the market.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?