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Chande's & Kroll's R2 Indicator
rev. 01/06/97

In their book "The New Technical Trader," Chande & Kroll introduce the r2 indicator. They state that "the primary use of r2 is as a confirming indicator"and that "it is a lagging indicator that shows the strength of the trend."

Chande's r2

Pwr(Corr(Cum( 1 ),C,14,0),2)


Chande's r2 Smoothed

Mov(Pwr(Corr(Cum( 1 ),C,14,0),2)*100,14,S)


For interpretation refer to Chande & Kroll's book, as stated above.
Source / From: TOP

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