Last Hour Indicator

Modified on 2010/01/03 10:00 by Eugene — Categorized as: Community Indicators

Syntax

public LastHour(Bars bars, string description)
public static LastHour Series(Bars bars)

Parameter Description

bars A Bars object

Description

According to Rennie Yang, the "Last Hour Indicator" has a good record of tracking "smart money".

The formula is (today's close – today's 3pm price) – (today's 10:30am price – Yesterday's close). Warning: these numbers are hard-coded into the indicator.

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.

Example

No example currently available.