Intraday Intensity Index (iii)

[[iii]] measures, for each bar, where the close sits within the high-low range, weighted by volume.

A positive value means the close is closer to the high than to the low. A negative value means the close is closer to the low. A value near zero corresponds to a close around the middle of the range.

For each bar, the indicator is defined as:

• $\text{range}=\text{high}-\text{low}$
• $\text{numerator}=2\times \text{close}-\text{high}-\text{low}$
• $\text{denominator}=\text{range}\times \text{volume}$
• $\text{iii}=\frac{\text{numerator}}{\text{denominator}}$

If the denominator is zero (for example when high == low or volume == 0), the value of the indicator for that bar is not available.

Block declaration#

A strategy can contain multiple [[iii]] blocks. Each block outputs one numeric series representing the Intraday Intensity Index value for every bar.

This indicator does not have a length parameter. It is computed directly from the high, low, close prices and the volume of each bar.

Examples#

Minimal setup#

This block reads prices and volume from the main symbol and main timeframe defined in the [backtest] block.

[[iii]]
id = "iii"

Specifying symbol and timeframe#

This block computes the indicator on daily bars for BINANCE:BTCUSDT. See the Exchanges, Symbols and Timeframes page for alignment with other series.

[[iii]]
id        = "iii"
symbol    = "BINANCE:BTCUSDT"
timeframe = "D"

Parameters#

Available variables#

Use the identifiers below directly in your expressions. The III block exposes one numeric series and its input metadata.

Assume the block is configured as:

[[iii]]
id = "iii"

Then: