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Market Pressure - Ultimate
This is the basic calculation:
If toadies close is greater than yesterdays close and toadies volume is greater than yesterdays volume, write down toadiesvolume * close, otherwise, If toadies close is less than yesterdays close and toadies volume is less than yesterdays volume, write down todays volume as a negative number * close, otherwise write down 0.

Then add up the past 7 days and * 4, add this to the past 14 days total and * 2, add this to the past 28 days total.
Plot this grand total in your chart for eachnew trading day.

Simple Interpretation:
Market Pressure - Ultimate can show divergences with the instrument it is plotted against.
It may show signs of support and resistance when the indicator hits areas of support/resistance on its own
graph.
Comparing rates of change/moving averages ofthe indicator against that of the instrument may reveal
accumulation/distribution pressures.

Metastock code for :


Market Pressure - Ultimate

Sum(If(
C > Ref(C,-1) AND V > Ref(V,-1), V *C, If(C < Ref(C,-1) AND
V < Ref(V,-1), Neg(V) * C,0)),7) * 4 + Sum(If(C > Ref(C,-1) AND
V > Ref(V,-1), V* C, If(C < Ref(C,-1) AND
V < Ref(V,-1), Neg(V) * C,0)),14) * 2 + Sum(If(C > Ref(C,-1) AND
V > Ref(V,-1), V* C, If(C < Ref(C,-1) AND V < Ref(V,-1), Neg(V) * C,0)),28)

 

Source / From: TOP
http://www.guppytraders.com

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