Intraday intensity is meant to give you a hint of institutional buying and selling. It compares where the prices closes in relation of the open and close. in addition, volume also used to calculate.
A trend on low volume will therefore have very little values of intraday intensity, trends on high volume will have big values.
The open form is an endless sum of values and can be used to see if a trend is still fine or not.
You can clearly spot that with divergences , as you would also do it with accumulation / distribution.
Formula: Intraday Intensity = Sum(i=1, to infinity) ((2c-h-l)/(h-l)*v)
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