Until it is Robustly tested ^ on actual Mkt it will remain unnamed,however you are right it is a type of Change of Direction Indicator ,you are brilliant in identifying that the Trigger derives all values on a very Short Term Period (unseen in the chart as it will not plot),what you see is the Entry,which will plot on chart after some other criterions are also met along with the Trigger, those criterions is not so Short Term,but nothing from EOD / 60mins / 30 mins / 5 mins.