WAVE RIDER 6.6
Added a new Choppy Market state that detects flat, directionless price action and visually flags it, while filtering out lower-quality Pullback entries during those conditions.
How it works
The indicator now measures two things on every closed bar:
Baseline slope, normalized by ATR — how many "ATR units" the baseline has moved over the last few bars. A small value means the baseline is basically flat.
ATR ratio ceiling — current ATR against its own recent average. This exists purely as a safety check: without it, a sudden volatility spike could shrink the normalized slope and get misread as "flat" right when the market is actually breaking out hard. Above this ceiling, the bar is never called choppy, no matter how flat the slope looks.
Both conditions have to hold together for a bar to be marked choppy — flat slope and volatility within a normal range.
What changes visually and behaviorally
Baseline and bars (if bar coloring is enabled) turn gray during choppy conditions.
Pullback Long/Short entries are blocked while the market is choppy — this is where the filter has the most value, since pullback setups tend to be the weakest in directionless chop.
Trend Long/Short signals (baseline flips) are never blocked. A flip is a structural report that the baseline changed direction, not a discretionary entry — filtering it would just delay the information rather than improve it.
Close/exit signals are never blocked too, on principle: exits are risk management, not opportunity selection, so they always fire regardless of market state.
Other changes
The Pullback Slope Gate's Threshold mode has been removed (Off / Sign-only remain). It was answering essentially the same question as the new Choppy filter — "is the slope big enough?" — just on a different lookback, which made the two hard to tune independently without one masking the other. Sign-only mode is kept because it checks something the Choppy filter doesn't: the immediate direction of the slope, which can catch a baseline that's already turning while the (sticky) trend state hasn't flipped yet.
Fixed a dashboard refresh edge case affecting the Pullback gate status label.
New inputs
InpEnableChoppyFilter — on/off
ChoppySlopeLookback (default 10) — bars used to measure baseline slope
ChoppySlopeThreshold (default 0.3) — flatness threshold, in ATR units
ShowChoppyOnDashboard — toggles the "Market" row on the dashboard
As always, feedback on how this behaves across different symbols/timeframes is welcome — the flatness threshold is the main knob if you find it firing too often or too rarely for your instrument.
Attachments forums
Re: Wave Rider - or about pullback trading
AlgoAlex811, Mon Aug 03, 2026 10:26 pm