This indicator detects three kinds of price action patterns: ii - consecutive inside bars ( high and low inside of the previous bar), triangle on a lower timeframe oo - consecutive outside bars ( high above the high of the previous bar and the low below the low of the previous bar), expanding triangle on a lower timeframe ioi - inside outside inside, diamond...
Intraday Intensity Index was created by David Bostian and its use was later featured by John Bollinger in his book "Bollinger on Bollinger Bands" . It is categorically a volume indicator and considered to be a useful tool for analyzing supply and demand dynamics in the market. By measuring the level of buying and selling pressure within a given trading session it...