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In September 1993 edition of the 'Stock & Commodities' magazine, Tushar Chande introduced the Chande's Trendscore indicator. This indicator main role is to determine the direction and strength of the market trend. To do so, it compares the close price to previous close prices over a period of 20 bars. The result is an indicator that moves between an extreme high reading of +10 to an extreme low reading of -10.
A Chande's Trendscore value of +10 indicates that a strong uptrend is starting, while a Chande's Trendscore value of -10 indicates that a strong downtrend is starting. Between these extreme values, a Chande's Trendscore value above zero is bullish (the strength varies with the value, the higher the value the stronger the bullish trend), a Chande's Trendscore value below zero is bearish (the strength also varies with the value, the lower the value the stronger the bearish trend)
The Chande's Trendscore function name is 'chande_trendscore'. It has no parameters and it can be plotted on a chart using the following QuantShare formula:
Plot(chande_trendscore(), 'Chande Trendscore', colorRed|36|colorRed|255|0, chartLine, styleOwnScale);