A 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 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 and multiplied by the difference between the high and the low.
John advised to use this indicator as a confirmation tool with the .
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.
Developer: David Bostian
YouTube (Turkish): http://youtube.com/c/kivancozbilgic
YouTube (English): http://youtube.com/c/AlgoWorld
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.