Trend continuation factor, by M.H. Pee
The related article is copyrighted material from Stocks & Commodities.
The related article is copyrighted material from Stocks & Commodities.
//////////////////////////////////////////////////////////// // Copyright by HPotter v1.0 13/11/2014 // The related article is copyrighted material from Stocks & Commodities. //////////////////////////////////////////////////////////// study(title="Trend continuation factor") Length = input(35, minval=1) hline(0, color=green, linestyle=line) xChange = mom(close, 1) xPlusChange = iff(xChange > 0, xChange, 0) xMinusChange = iff(xChange < 0, (xChange * -1), 0) xPlusCF = iff(xPlusChange == 0, 0, xPlusChange + nz(xPlusCF[1], 1)) xMinusCF = iff(xMinusChange == 0, 0, xMinusChange + nz(xMinusCF[1], 1)) xPlus = xPlusChange - xMinusCF xMinus = xMinusChange - xPlusCF xPlusTCF = sum(xPlus, Length) nMinusTCF = sum(xMinus, Length) plot(xPlusTCF, color=blue, title="Plus TCF") plot(nMinusTCF, color=red, title="Minus TCF")