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Chande TrendScore By Symbol

by Stefan Kroscen, 3396 days ago
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This function is an enhancement to the chande_trendscore function added by "The Trader". You can read more about the origin, purpose and behaviour of the function here: Chande's TrendScore

This version adds 3 enhancements to the original function.
1)      It accepts a symbol as a parameter. This is desirable in conditions where you would wish to compute the trendscore of a symbol other than the current. An example might be when building a trading system that will only purchase/short depending on the trend of the overall market, and not/ not only the trend of the current symbol.
2)      It overcomes a bug in the current beta regarding the assignment of the results to the "result" variable that can cause unpredictable results including a parsing error in simulation.
3)      It sets the forward and backward bars for better performance.

An example of using this function is to edit the chart formula and add the following line:

Plot(chande_trendscore_by_symbol("SPY"), 'Chande Trendscore', colorRed|36|colorRed|255|0, chartLine, styleOwnScale);

This will plot the trend of symbol SPY on the chart of any symbol.

Props to The Trader for adding Chande's Trendscore; I've become a big fan.




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Type: Trading Indicator

Object ID: 592


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Style:
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