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Buy/Sell Pressure
Hi,
I developed this using concepts by Tom DeMark and my own. It is an intra market Relative Strength indicator which uses characteristics of each bar to determine strength/ weakness. The close, high and low are taken into consideration to determine bar strength for each market, and then the two markets are compared

What I have found useful about it is in identifying longer term turning points. There will be diversion in the indicator FAR before the actual turning point, so it will identify strength or weakness well in advance. Use your own system to identify entries - not this.

I would enjoy hearing feedback from those who have tried this out. I have also found it useful applied to Advance/Decline charts.

Here's the code, enjoy!


Type : Indicator, Name : Buy/Sell Pressure

inputs: len(20),len2(25);

value1=close-low;
value2=high-close;
value3=((value1-value2)/close);

value4=close of data2-low of data2;
value5=high of data2-close of data2;
value6=((value4-value5)/close of data2);

if value3>0 and value6>0 then begin
value7=( value3 - value6);

end;

Plot1(averagefc(value7,len), "SprdRatio" ) ;
plot2(averagefc(averagefc(value7,len),len2),"average");

 
Source / From: TOP
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