Definition of 'Trend Percent'
Trend % tells us if the previous day was a trend day or not based on OHLC values of that day. If the market opened at the low and closed at the high then there is a high probability that this was a trend day from one extreme to another. This will produce a figure close to 100%. If the market opened and closed at the same price then it is very unlikely that we've seen a trend day. The figure will therefore be close to 0%. The higher the figure then the greater the difference between close and open as fraction of the range.
How does Trend % help us? The probability of having 2 trend days in a row is unlikely. We often have a trading/Z/rotation day following a trend day. The Trend % figure quickly gives us an idea of how probable a trend day today is.
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