Intraday Intensity Index: Volume-Weighted Close Location Oscillator

Summary

The Intraday Intensity Index is described as an oscillator that combines volume with the close’s position within the high-low range over a configurable period. Each bar contributes more positively when the close is near the high and more negatively when it is near the low; the contribution is scaled by the bar’s volume. The indicator therefore summarizes volume-weighted buying or selling pressure inferred from where prices close within their ranges.

The document offers two calculation modes. Without normalization, it sums the bar contributions over the chosen period. With normalization, it divides that sum by total volume over the same period and scales the result by 100. The source gives no signal thresholds, trading rules, example charts, or performance evidence. The formula also has a high-low denominator, so handling bars with no range is unspecified.

Key ideas

• The index accumulates volume-weighted close location within each bar’s high-low range.
• A close near the high contributes positively, while a close near the low contributes negatively.
• The calculation period is an input that controls how many bars contribute to the oscillator.
• Normalization divides the accumulated value by total volume and scales it by 100.
• The document does not specify trading thresholds or address bars with zero high-low range.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.