Last Hour Indicator
Author: zorgnak
Creation Date: 11/20/2009 12:10 PM
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zorgnak

#1
According to Rennie Yang the "Last Hour Indicator" has a good record of tracking "smart money".
Anyone care to code it?
The formula is (today’s close – today’s 3pm price) – (today’s 10:30am price – Yesterday’s close). The premise of the indicator is that the smart money trades late in the day, so you can discern what they’re up to by comparing the market’s performance in the first and last hour of each day and charting that on a cumulative basis.



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Eugene

#2
Sounds pretty simple, have you already tried coding it? How do you deal with the price at the 10:30am or 3pm bar missing?
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Eugene

#3
For what it's worth:
CODE:
Please log in to see this code.

It's up to you to verify/test/debug.
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zorgnak

#4
Thanks Eugene
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Eugene

#5
You're welcome.
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Eugene

#6
Indicator added to Community.Indicators 2010.01.