Type : Indicator, Name : Trend Detection Index
inputs:
Price( Close ),
Length( 20 ) ;
variables:
Length2( 2 * Length ),
Mom( 0 ),
MomAbs( 0 ),
MomSum( 0 ),
MomSumAbs( 0 ),
MomAbsSum( 0 ) ,
MomAbsSum2( 0 ),
TDL( 0 ),
MktPos( 0 ) ;
Mom = Price — Price[Length] ;
MomAbs = AbsValue( Mom ) ;
MomSum = Summation( Mom, Length ) ;
MomSumAbs = AbsValue( MomSum ) ;
MomAbsSum = Summation( MomAbs, Length ) ;
MomAbsSum2 = Summation( MomAbs, Length2 ) ;
{Plot TDL for the index itself.}
TDL = MomSumAbs — ( MomAbsSum2 — MomAbsSum ) ;
{Plot MktPos for outright buy and sell signals}
MktPos = Iff( TDL[1] > 0, Iff( MomSum[1] > 0, 1, -1 ), MktPos[1] );
Plot1( MktPos,»Position»);
