Excellent explanation there Pyenner ¡¡ ... thats a great description of the intrinsic reason of why we got an indicator that its unusual and with tremendous edge... certainly the great dilema of TA is the fact that most analist are not able to dicern (at least on the right time) the shift between cyclical and trending conditions... its the big dilema of most traders...
Now having this tool in hand you can clearly see the shift from one stage to another...
What has powerfully called my attention on this last version Pyenner (and I would suggest numbering the versions from here on ) is the responsivnes of this black line when it starts to move in a direction after being horizontal for some time... it somehow leads (not always) quite a bit on the move...
thats what calls my attention on what implications this could have as a timing tool even on the 5 min chart... the potential its yet not known... we will have to research thoroughly to be able to answer this... but common sense tells me that this type of clean performance its without doubt a good context to be working on... cheers Walter.