The twist and turns of life had forced me to put my passion, Trading and Technical Analysis on the back-burner. Slowly I am getting back to my passion. Also I am back to to my Blog and I do sincerely hope I can put lot more time aside for this.
One f the first thing I did was to review my old Indicators and the possibility of improving them. Definitely a refurbishment of my VSA indicator has been long overdue. I was also looking at my Buy and Selling Pressure Indicator (BSP Indicator). My old BSP indicator was based on the spread of the current bar. It reflected how the Buying and Selling move the move within the current time frame. However it does not really reflect the real effort of buying and selling to move the price from the previous close. It did not take into account the Gaps. For this we may have to consider the "True" Low and High values. This could be expressed in simple terms as follows
True High = Max(High, Ref(C,-1))
True Low = Min(Low, Ref(C,-1))
Where Ref(C,-1) represents the close of the previous Bar.
So I added an option to select the normal High and low or the True values of High and Low.
Below is the BSP Raw indicator comparison
The smoothed Indicator has also been upgraded.
Those interested to try out these indicators can be downloaded from the below link
Please feel free to share your feedback