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Trend Continuation Factor for eSignal (EFS)
The Trend Continuation Factor is an indicator built to draw trend state. It is a typical momentum indicator calculated with the rate over change price movement, compound over a summation period.
You will need to save the attached easyArray.efsLib file in the FunctionLibrary folder of the eSignal directory.
All credits to Alexis C. Montenegro
Files
Indicator / Formula
/********************************************************* Alexis C. Montenegro © October 2005 Use and/or modify this code freely. If you redistribute it please include this and/or any other comment blocks and a description of any changes you make. **********************************************************/ var fpArray = new Array(); function preMain(){ setPriceStudy(false); setStudyTitle("Trend Continuation Factor"); setCursorLabelName("TCF+", 0); setCursorLabelName("TCF-", 1); setDefaultBarFgColor(Color.blue, 0); setDefaultBarFgColor(Color.red, 1); setPlotType(PLOTTYPE_LINE,0); setPlotType(PLOTTYPE_LINE,1); setDefaultBarThickness(1,0); setDefaultBarThickness(1,1); var x=0; fpArray[x] = new FunctionParameter("Length", FunctionParameter.NUMBER); with(fpArray[x++]){ setLowerLimit(2); setDefault(20); } fpArray[x] = new FunctionParameter("Source", FunctionParameter.STRING); with(fpArray[x++]){ addOption("open"); addOption("high"); addOption("low"); addOption("close"); addOption("hl2"); addOption("hlc3"); addOption("ohlc4"); setDefault("close"); } fpArray[x] = new FunctionParameter("Symbol", FunctionParameter.STRING); with(fpArray[x++]){ setDefault(); } fpArray[x] = new FunctionParameter("Interval", FunctionParameter.STRING); with(fpArray[x++]){ setDefault(); } fpArray[x] = new FunctionParameter("Params", FunctionParameter.BOOLEAN); with(fpArray[x++]){ setName("Show Parameters"); setDefault(false); } } var bInit = false; var xTCF = null; var xTCFPos = null; var xTCFNeg = null; function main(Length,Source,Symbol,Interval,Params){ if(bInit == false){ if(Symbol == null) Symbol = getSymbol(); if(Interval == null) Interval = getInterval(); var vSymbol = Symbol+","+Interval; xTCF = efsInternal("calcTCF",Length,eval(Source)(sym(vSymbol))); xTCFPos = getSeries(xTCF,0); xTCFNeg = getSeries(xTCF,1); addBand( 0, PS_SOLID, 1, Color.black,"0"); setShowTitleParameters(eval(Params)); bInit = true; } return new Array (xTCFPos,xTCFNeg); } var myLib = addLibrary("easyArray.efsLib");//comment out this line if not using the ezArray() function var pVar = 0; var nVar = 0; var pCF = 0; var nCF = 0; /* add a / at the beginning of this line if using conventional logic var apVar = null; var anVar = null; var apCF = null; var anCF = null; //*/ function calcTCF(length,source){ /* ARRAY CREATED AND MAINTAINED USING CONVENTIONAL LOGIC */ /* add a / at the beginning of this line if using conventional logic if(apVar==null) apVar = new Array (length); if(anVar==null) anVar = new Array (length); if(apCF==null) apCF = new Array (length); if(anCF==null) anCF = new Array (length); if(getBarState()==BARSTATE_NEWBAR){ apVar.pop(); anVar.pop(); apCF.pop(); anCF.pop(); apVar.unshift(pVar); anVar.unshift(nVar); apCF.unshift(pCF); anCF.unshift(nCF); } if(apVar[length-1]==null || anVar[length-1]==null || apCF[length-1]==null || anCF[length-1]==null) return; // END CONVENTIONAL ARRAY LOGIC */ /* ARRAY CREATED AND MAINTAINED USING ezArray() FUNCTION */ //* remove a / at the beginning of this line if using conventional logic var apVar = myLib.ezArray(pVar,length,"PosVar"); var anVar = myLib.ezArray(nVar,length,"NegVar"); var apCF = myLib.ezArray(pCF,length,"PosCF"); var anCF = myLib.ezArray(nCF,length,"NegCF"); if(apVar[length-1]==null || anVar[length-1]==null || apCF[length-1]==null || anCF[length-1]==null) return; // END ezArray() LOGIC */ var Source_0 = source.getValue(0); var Source_1 = source.getValue(-1); if(Source_0==null || Source_1==null) return; if(Source_0>Source_1){ pVar = Source_0-Source_1; nVar = 0; }else{ pVar = 0; nVar = Source_1-Source_0; } if(pVar == 0){ pCF = 0; nCF = nVar+anCF[1]; }else{ pCF = pVar+apCF[1]; nCF = 0; } // the following lines update the most recent element of the array // and are required by both the conventional and ezArray() logic apVar[0] = pVar; anVar[0] = nVar; apCF[0] = pCF; anCF[0] = nCF; // end array update var sumpVar = 0 var sumnVar = 0; var sumpCF = 0; var sumnCF = 0 for (var i=0; i<length; i++){ sumpVar += apVar[i]; sumnVar += anVar[i]; sumpCF += apCF[i]; sumnCF += anCF[i]; } var pTCF = sumpVar-sumnCF; var nTCF = sumnVar-sumpCF; return new Array (pTCF, nTCF); }
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