This can be thought of as directional times directional momentum index, but truly it is not these literally, as the script doesn't discern how many contracts flew to the bid or to the ask for separation. So with this you can hopefully get a feel of the flow, yet still use this like a traditional momentum oscillator. Look to hit the reversals at peaks, and use caution when trading longs when this indicator is negative, and vise versa. There can be divergence in this oscillator, and you can help remedy poor divergences by adjusting the smoothness or the flatness of the indicator to suit your chart. Also the dead zone and mid zone are likely in need of adjustments depending on flow and price changes for that symbol and resolution. Defaults are a great starting point for most charts 5m to day. Swing traders might enjoy a length of 8-10 to rid some quick changes of direction in the indicator. Love to have things like this up with studies for level reversal entries, like the few on the shared oil chart.
Enjoy, and I hope you like some of my other proprieties too. Feel free to comment! ~B3
Example: would like to know in advance what the closing price would need to be when your study indicator crossed its threshold level for direction change.