The Trend Continuation Factor is an indicator built to draw trend state. It is a typical momentum indicator calculated with the rate over change price movement, compound over a summation period.
The oscillator is made of 2 lines, the green one for summation of the ROC positive variation over the “sumperiod” and the red one for the negative price movement.
Trade would be initiated when the 2 lines cross, but it is also an effective oscillator to keep an eye on the recent trend momentum continuation.
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//parameters // SUMperiod = 35 r = ROC[1](close) if r>0 then pc = r else pc = 0 endif if r<0 then nc = -r else nc = 0 endif if nc=0 then ncf = 0 else ncf = ncf[1]+nc endif if pc=0 then pcf = 0 else pcf = pcf[1]+pc endif TCFplus = SUMMATION[SUMperiod](pc) - SUMMATION[SUMperiod](ncf) TCFminus = SUMMATION[SUMperiod](nc) - SUMMATION[SUMperiod](pcf) RETURN TCFplus coloured(0,255,0) as "TCF +", TCFminus coloured(255,0,0) as "TCF -" |
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Very good ! Many thanks