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Published:

2018.07.09 11:05

Updated:

2020.09.02 16:16

TCI.mq5 (10.69 KB) view

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Indicator "Trend Confirmation Index"

If we use an assumption that theclose price location within a candlestick contains information of whether the trend is strong or weak and whether it gains or loses its power, then we can calculate the current market state - a trend confirmation index (TCI).

Indicator TCI calculates the average value of the close price location within the last N candlesticks.
Close price location within a candlestick is calculated as (C-L) / ((H-L) / 100)

The indicator has five configurable parameters:

Period - calculation period
Method - calculation method
Overbought level - overbought level
Oversold level - oversold level
Show actual CPP - whether to display the close price location line (Closing price position) for each candlestick or not (Yes/No)

Calculation:

TCI = MA(CPP)

where:

CPP = 100.0 * (Close-Low) / (High-Low)
MA is the moving average with the Method calculation type and the Period calculation period

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/20992

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