The algorithm described is known as Binary Search.

Here is a Python code implementing the Binary Search algorithm:

```python
def binary_search(arr, target):
    left, right = 0, len(arr) - 1

    while left <= right:
        mid = (left + right) // 2

        if arr[mid] == target:
            return mid
        elif arr[mid] < target:
            left = mid + 1
        else:
            right = mid - 1

    return -1

# Example usage
arr = [1, 3, 5, 7, 9, 11, 13, 15, 17]
target = 7
result = binary_search(arr, target)

if result != -1:
    print(f"Number {target} found at position {result}.")
else:
    print(f"Number {target} not found in the list.")
```

You can use this code to find the index of a target value in a sorted list using the Binary Search algorithm. The code returns the index of the target value if found, and -1 if not found.