Intraday Intensity Index for ThinkorSwim

[BenTen]

A volume based indicator that depicts the flow of funds for a security according to where it closes in its high and low range.

This indicator was developed by Dave Bostian. Its goal is to track the activity of institutional block traders.

A technical indicator that approximates the volume of trading for a specified security in a given day. It is designed to help track the activity of institutional block traders and is calculated by subtracting the day's high and low from double the closing price, divided by the volume and multiplied by the difference between the high and the low.

John BOLLINGER advised to use this indicator as a confirmation tool with the BOLLINGER BANDS .

If price tags the lower BBand, look for IIIX has positive values to enter a trade. Conversely; If price tags the upper BBand, look for IIIX has negative values to exit.

# Intraday Intensity Index
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/klr607Yi-INTRADAY-INTENSITY-INDEX-IIIX-by-KIVAN%C3%87-fr3762/

declare lower;

input length = 21;
def K1 = (2 * close - high - low) * volume;
def K2 = if(high != low, high - low, 1);
def INT = K1 / K2;
def INTSUM = sum(INT, length);

plot histogram = INTSUM;
plot a = INT;

histogram.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
histogram.AssignValueColor(if INTSUM>0 then color.blue else color.red);
a.SetDefaultColor(GetColor(0));

 

[wtf_dude]

Inteeeerrresting. Gonna have to play around with this one. Haven't had as much time to experiment in a while.