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The overbought/oversold indicator, which was first described in "Futures Magazine" in June 2000, under the name of "Psychological Index".
It has one input parameter:
- Period - indicator calculation period.
Calculation:
PsyIndex[i] = SMA(UpDay)
where
- If Close[i] > Close[i-1]
UpDay[i] = 1, - otherwise
UpDay[i] = 0
Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/20448
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