A fine Technician and R Squared

In comments, Anupam Mazumdar asks about the R-Squared indicator "how we can do it(i mean formula or set up) ourselves using excel or some prog language like c++ or java"

Tushar Chande has written two books on technical analysis and trading. His first book, "The New Technical Trader" is pathbreaking in many ways because it discusses new ideas. In this book he discusses the R-Squared indicator to identify trendiness in the market.
The calculation of RSquared is easy:
RSquared = Square(coeffR(Length));
The function coeffR is calculated as below (in Easylanguage, used in Tradestation):
{*******************************************************************Description : This Function returns coeffRProvided By : Omega Research, Inc. (c) Copyright 1999********************************************************************}
Inputs: Length(Numeric);Variables: R(0), X(0), Y(0), UpEQ(0), LowEQ1(0), LowEQ2(0), LowEQT(0);
X = CurrentBar;Y = Close;
UpEQ = Summation(X * Y, Length) - Length * Average(X, Length) * Average(Y, Length);LowEQ1 = Summation(Square(X), Length) - Length * Square(Average(X, Length));LowEQ2 = Summation(Square(Y), Length) - Length * Square(Average(Y, Length));
If LowEQ1 * LowEQ2 > 0 Then LowEQT = SquareRoot(LowEQ1 * LowEQ2);
If LowEQT <> 0 Then Begin R = UpEQ / LowEQT; If R <= 1 AND R >= -1 Then coeffR = R;End;

I do not use the raw R-Sq values. I smooth them with a short moving average, say 3.

And what about the markets?
The choppy conditons seem likely to continue as the markets go through August when there is no event to influence prices. (At least, no visible event!).
But, some stocks are likely to continue moving up, or even gain momentum. Trading strategy may focus on individual stocks rather than the Nifty.