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The Trading Channel Index comes from an early version of AIQ's Stock Expert program. "The Trading Channel Index measures the location of average daily price relative to a smoothed average of average daily price. It is derived from the average difference between these two values."
To create the Trading Channel Index in MetaStock create the following custom formulae:
AP+: Average price
( H + L + C ) / 3
ESA+: Smoothed price average
Mov( Fml( "AP+" ) ,10 ,E ) + ( Mov( Ref( Fml( "AP+" ) ,-1 ) ,10 ,E ) )
D+: Price range estimate
Mov( ( Fml( "AP+" ) - Fml( "ESA+" ) ) ,10 ,E ) + ( Mov( Ref( Fml( "AP+" ) - Fml( "ESA+" ) ,-1 ) ,10 ,E ) )
CI+: Channel index
( ( Fml( "AP+" ) - Fml( "ESA+" ) ) / ( 0.015 * Fml( "D+" ) ) )
TRADING CHANEL INDEX:
Mov( Fml( "CI+" ) ,21 ,E ) + ( Mov( Ref( Fml( "CI+" ) ,-1 ) ,21 ,E ) )
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