Chande Trend Score
Developing the Chande Trend Score with Amibroker AFL and Amibroker Data Feeder allows traders to assess the strength and direction of a market trend. This indicator combines price data and trend analysis to provide valuable insights, helping traders make informed decisions and optimize their trading strategies.
_SECTION_BEGIN("Chande's Trend Score");
//
// I just found this code in a Visual Trader site and transfered it into AFL.
//
//------------------------------------------------------------------------------
SmoothingPeriod = 5;
CTS=IIf(C>=Ref(C,-11),1,-1)+IIf(C>=Ref(C,-12),1,-1)+IIf(C>=Ref(C,-13),1,-1)+IIf(C>=Ref(C,-14),1,-1)+IIf(C>=Ref(C,-15),1,-1)+IIf(C>=Ref(C,-16),1,-1)+IIf(C>=Ref(C,-17),1,-1)+IIf(C>=Ref(C,-18),1,-1)+IIf(C>=Ref(C,-19),1,-1)+IIf(C>=Ref(C,-20),1,-1);
CTSM = WMA(CTS,SmoothingPeriod);
Histo = IIf(CTSM==10,5,IIf(CTS==-10,-5,Null));
Plot(CTSM, "CTSM", colorBlack, styleLine );
Plot(Histo, "", colorGreen, styleHistogram );
Plot(12,"",colorRed,styleLine);
Plot(-12,"",colorRed,styleLine);
_SECTION_END();