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A financial time series often moves in what can be thought of as a channel. Determining where a price or indicator is relative to that channel can be a powerful signal or indicator.
This function takes two inputs: The first, the data array (time series) which could be closing price, for example, or any other series (e.g., RSI(2)). Second, the number of bars for the look back period. This is the length of time to measure the channel.
The function finds the lowest and the highest values within the look back period of the channel.
It expresses the output as a % position (0 through 100) between the lowest and the highest values.
On the surface this function is similar to Percent Rank. However, Percent Rank places the values based upon the number of other values in the lookback period that were higher or lower. Channel Position only calculates the current position relative to the highest and lowest values in the look back period.
Usage examples include . . .
. Look at a the closing price over the period to evaluate price strength
. Look at the indicators output trend
. As a strength indicator and filter and ranking