Price Action Indicator (PAIN)
The Price Action Indicator (PAIN) uses only the days' open, high, low and close. The formula returns a single value that compares intra-day momentum (Close-Open), Late Selling Pressure (LSP) (Close-Low), and Late Buying Pressure (LBP) (Close-High).
See also: Futures magazine August 1997 issue, "Getting Better Directions" by Michael B. Geraty.
Chart courtesy of Prophet Financial Systems (www.prophet.net)