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A method of two-way traffic signal timing control based on speed is presented. It allows for the main shortcomings of the traditional methods which differentiates traffic flow into saturated and unsaturated conditions. The proposed approach disposes the two conditions simultaneously. It takes their common objective into consideration when weighting their different control aim. It changes the control aim timely based on the vehicle queue length variation during the adjacent cycle and the relationship between the number of the arrival and departure vehicles in the same cycle. Furthermore, it improves on the signal offset in order to make upstream traffic flow pass through favourably by confining the offset to a range. After doing these, it makes the best use of the downstream green indication. The experimental results demonstrate the method's ability to realize the running of traffic by genetic algorithm and indicate that the proposed discrete type performance index model is a more appropriate design for two-way traffic signal timing control.