THE RANDOM WALK INDEX
The channel height ratio to one day figures given show a consistent excess beyond the square root
column. This excess indicates the presence of trends and hints how to create a trend "yardstick." If no
trends were present, the ratios would be expected to all fall exactly on the square roots, and thus an
"expected random walk" over n days would be the square root of n multiplied by the average daily range
(same as average one-day channel height).