OPEN-SOURCE SCRIPT
Bostian Intraday Intensity Index (BII)
The Bostian Intraday Intensity Index (BII) is a metric used to analyze the trading volume and price movements of a specific stock or asset, measuring the strength and pressure of the market. BII captures buy and sell signals by examining the relationship between trading volume and price fluctuations. Below is an explanation of the key components and calculation method for BII:
○ BII Formula:
sum(V*((C-L)^2-(H-C)^2))/(H-L)))
○ Meaning of the Indicator:
○ How to Use:
The BII indicator is useful for analyzing the strength and pressure of the market through the correlation of price movements and trading volume. It helps investors capture buy and sell signals to make better investment decisions.
○ BII Formula:
sum(V*((C-L)^2-(H-C)^2))/(H-L)))
- V (Volume): Trading volume
- C (Close): Closing price
- L (Low): Lowest price
- H (High): Highest price
○ Meaning of the Indicator:
- Positive Values: When BII is positive, it indicates strong buying pressure. The closer the closing price is to the high, the stronger the buying pressure.
- Negative Values: When BII is negative, it indicates strong selling pressure. The closer the closing price is to the low, the stronger the selling pressure.
○ How to Use:
- Buy Signal: When the BII value is positive and trending upwards, it may be considered a buying opportunity.
- Sell Signal: When the BII value is negative and trending downwards, it may be considered a selling opportunity.
The BII indicator is useful for analyzing the strength and pressure of the market through the correlation of price movements and trading volume. It helps investors capture buy and sell signals to make better investment decisions.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.