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Price Action Indicator (PAIN) for Metastock
Rating:
5 / 5 (Votes 1)
Tags:
metastock
If you were only given today’s open, high, low and close, how could you make heads or tails of it? The Price Action Indicator (PAIN) can help. The formula returns a single value that weighs intra-day momentum (C-O), Late Selling Pressure (LSP) (C-L), and Late Buying Pressure (LBP) (C-H). The formula is proven by constructing ideal limit-up and limit down scenarios in bond futures. The output is shown to be consistent with the interpretation of Japanese candlestick patterns. See Michael B. Geraty (1997). “Getting Better Directions” Futures Vol. 26: Aug.
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Indicator / Formula
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((C-O)+(C-H)+(C-L))/2
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