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Excel Confidence %
This is the calculation: Take toadies volume * 50 and find the square root of that number.
Then divide 2.5 by your result. Then take the result of dividing by 2.5 and * today's close. Writethis figure down. Then plot a 10 day moving average of this figure. This is the fundamental calculation which we shall call a.

Take the value for a and take it away from the lowest value of itself over the past 5 days. Add up these results for the past 3 days. This number is called b.

Now take the highest value for a over the past 5 days and subtract thelowest value for a, also over the past 5 days. Call this number c.

Finally, divide b by c and multiply the answer by 100. (phew!)

Simple Interpretation:
Excel Confidence % should oscillate between 0 and 100, usually at theextreme ends of the scale. A value of 0 indicates no confidence in the market going up, whilst100 indicates perfect confidence in the market going up. Although this obviously isn't the holy grail of indicators, it doesoffer some insight into what the market is thinking and how one can measureinvestor sentiment. You might like to add a slower version of this (just increase the 3day and 5 day calculationsto something you believe to be appropriate - try 7 & 15) and tradethe crossovers, as with stochastics. You can also just trade the values ie 90 or higher, buy, 10 or lower,sell.

Metastock code for

Excel Confidence %

(Sum( Mov(C * (2.5/ Sqrt(50 * V)),10,S) -
LLV(Mov(C* (2.5/ Sqrt(50 * V)),10,S),5), 3 ) /
Sum( HHV(Mov(C * (2.5/ Sqrt(50 * V)),10,S),5)-
LLV(Mov(C * (2.5/ Sqrt(50 * V)),10,S),5), 3) ) * 100


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