Convert B-Xtrender trend indicator?

Mordoor

Mordoor

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2019 Donor
I would like to thank everyone that contributes on this forum. Much appreciated.
I was reading a journal and came across an interesting trend indicator created by Bharat Jhunjhunwala called the B-Xtrender. It plots as two different histograms below the chart. There is a short term indicator and a long term indicator. Here is how he describes it:

The short-term indicator indicates the corrections in the ongoing major trend. The short-term indicator is constructed by using the following steps:

a. A 20-day exponential moving average of the price is derived. A 20-day period is selected, as it encompasses roughly a trading month. Exponential moving averages are one of the most dynamic ways of smoothing the trend.
b. The 15-day period RSI (Wilder’s Relative Strength Index) of the above 20-day period EMA of Price is calculated.
c. The above formula is then plotted as a histogram for better visual representation.
We can use Amibroker Afl for the creation of the above: Field = (RSIa((EMA(C,5)- EMA(C,20)),15))-50;

The long-term indicator displays the major trend that is in place. The long-term indicator is constructed by using the following steps:

a. A 5-day exponential moving average of the closing price is derived. A 5-day period is selected, as it marks a trading week.
b. A 20-day exponential moving average of the closing price is derived. A 20-day period is considered, as it marks a trading month.
c. The difference of a 5-day exponential moving average of the price and a 20-day exponential moving average of the price is derived.
d. A 15-day period RSI (Wilder’s Relative Strength Index) of the above “difference” is derived and plotted.
e. The above derivation is plotted as a histogram for better visual representation. We can use Amibroker Afl to create the above formula as: Field = (RSIa((EMA(C,5)- EMA(C,20)),15))-50

Would anyone be interested in creating this in TOS? Here is a link to the journal: https://ifta.org/publications/journal/ Scroll down towards the bottom of the page and click on the downloadable PDF for the 2019 journal. This indicator is shown and described on page 21-34. He has backtested this and has some pretty impressive results.
 
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