They called it Trendpot, which is explained in this presentation.:
I found the concept pretty interesting, if only to use as a monitoring tool (ie check your system performance against a "trendiness benchmark measure": if the system performs badly when the "trendiness benchmark" scores highly, your system might be "broken")Trendpot is a backward looking measure that indicates for an individual market whether a medium to long-term trend following system could potentially have been profitable when applied on that particular market during the preceding month.
Trendpot is a number between 0 and 1:
* 0 indicates a very low chance for a trend following system to have been profitable.
* 1 indicates a very high chance for a trend following system to have been profitable.
In 2008, for example, the trendiness measured via Transtrend Trendpot calculation was the highest of the past 20 years, explaining the great performance of most Trend Followers. In 2009 though, the Trendpot value was at the lowest of the last 20 years. Not surprisingly, it was not the best year for Trend Followers: it is not that Trend Following did not work, it is just that the markets did not offer many good trends that year.
Transtrend insist that "Trendpot is a measure, not an indicator: No predictive value!", but I wonder (and plan to test) whether this is true, ie could future Trendpot values be a function of past values (in which case it could be used to help decide which markets/timeframes, etc. to trade in the future).
Edit/Update: I uploaded the blox I wrote to implement the Trendpot calculation in the Marketplace on this thread