Oscillator TCI (Trading Channel Index) displays the ratio between the average daily price and the smoothed averaged value of the average daily price.
It has four configurable parameters:
B2 = (Applied price - MA1) / (Coeff * MA2) MA2 = EMA(B1, Period) B1 = Abs(Applied price - MA1) MA1 = EMA(Applied price, Period)
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/21114