Thinkscript Library

Smoothed On-Balance Volume (OBV) — Volume Drop

On-Balance Volume is the oldest volume-trend tool there is, but a raw cumulative line is noisy and hard to read against price. This drop wraps Granville's classic OBV in an EMA signal line and an optional smoothing pass so you get a clean, color-coded trigger instead of a jagged tally.

## What it does

- Builds the cumulative Granville OBV: adds full bar volume on up-closes, subtracts it on down-closes, holds flat on unchanged closes

- Plots an EMA signal line (default 20) over the OBV for a tradeable cross trigger

- Color-codes the OBV line green/red by its position relative to the signal

Choppiness Index — Volatility Drop

The Choppiness Index tells you *when* the market is trending versus chopping sideways — not which direction. Use it as a regime filter to switch between trend-following and mean-reversion tactics.

## What it does

- Measures how directional price has been over a lookback window using the ratio of summed True Range to the total high-low range.

- Scales the result to a clean 0–100 oscillator via a log normalization.

- High readings (≥ 61.8) flag choppy, range-bound conditions; low readings (≤ 38.2) flag strong trends.

Real Elliott Wave [MarketFragments]

A top-down Elliott Wave labeler. Instead of forcing a count one swing at a

time, it frames the single dominant swing inside a window of the last N bars

and decomposes it into a 1-2-3-4-5 impulse and an A-B-C correction. The same

decomposition is then recursed into every leg to draw minor and micro