Any chance of this indicator being made available or is there a similar one available already?
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.
When the Herrick Payoff Index is above zero, it shows that money is flowing into the futures contract (which is bullish). When the Index is below zero, it shows that money is flowing out of the futures contract (which is bearish).
The interpretation of the Herrick Payoff Index involves looking for divergences between the Index and prices.
Calculation
The Herrick Payoff Index requires two inputs, a smoothing factor known as the "multiplying factor" and the "value of a one cent move."
The multiplying factor is part of a smoothing mechanism. The results are similar to the smoothing obtained by a moving average. For example, a multiplying factor of ten produces results similar to a 10-period moving average.
Mr. Herrick recommends 100 as "the value of a one cent move" for all commodities except silver, which should be 50.