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John Ehlers’ article “Correlation as a Trend Indicator” discusses using correlation to an upward sloping line as a means to determine an instrument's trend. The MetaStock version of the Correlation Trend Indicator is below:
Correlation Trend Indicator:
Formula:
Code:pds:= Input("Number of periods", 5, 200, 20);
Correl(Cum(1), C, pds, 0)
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