Based on an article
http://www.motivewave.com/studies/herri ... _index.htm
The Herrick Payoff Index is designed to show the amount of money flowing into or out of a futures contract. The Index uses open interest during its calculations, therefore, the security being analyzed must contain open interest.
The Herrick Payoff Index was developed by John Herrick.
Tick volume was used.
HERRICK PAYOFF INDEX.lua- (3.52 KiB) Downloaded 565 times
The original formula requires an open interest.
Data source/surrogate suggestions are welcome.
The indicator was revised and updated
