This is a trend indicator conceptualized by Tuschar Chande. It is a method of rating the trend by comparing the current day’s close to the close x days ago.
If today’s close is greater than close x days ago, score = 1
If today’s close is less than the close x+1 days ago, score = -1
Tuschar Chande suggested comparing the close to the closes from 11 to 20 days ago.
Therefore,
Trendscore = 10 day sum of the scores from days 11 to 20.
The trend score for this case will oscillate between +10 to -10.
(description found on internet).
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//PRC_ChandesTrendScore | indicator //06.02.18 //Nicolas @ www.prorealcode.com //Sharing ProRealTime knowledge // --- settings SmoothingPeriod = 5 // --- end of settings score = 0 for i = 11 to 20 do if close>close[i] then score=score+1 else score=score-1 endif next CTSM = WeightedAverage[SmoothingPeriod](score) RETURN CTSM |
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For those who like me want to calibrate this indicator on a scale of 0 to 100 to join it to other indicators of the same scale :
// ChandesTrendScore PRC //06.02.18 modifié DID
//Nicolas @ http://www.prorealcode.com //Sharing ProRealTime knowledge
// score = 0
score = 50
//for i = 11 to 20 do
for i = a to b do
if close>close[i] then
score=score+1
else
score=score-1
endif
next
CTSM = WeightedAverage[SmoothingPeriod](score)
RETURN CTSM
// Variables :
//SmoothingPeriod = 5
// a = 51
// b = 100
// score = 50
//nota : le add PRT code ne fonctionne pas ?!