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| **PineScript** | [iii.pine](iii.pine) |
- The Intraday Intensity Index (III) measures buying and selling pressure by analyzing where the close price falls within the high-low range, weighte...
- Parameterized by `period` (default 14), `cumulative` (default false).
- Output range: Unbounded.
- Requires `period` bars of warmup before first valid output (IsHot = true).
- **Similar:** [CMF](../cmf/Cmf.md), [MFI](../mfi/Mfi.md) | **Complementary:** Volume | **Trading note:** Intraday Intensity Index; measures close position within H-L range relative to volume.
- Validated against TA-Lib, Skender, and Tulip reference implementations where available.
The Intraday Intensity Index (III) measures buying and selling pressure by analyzing where the close price falls within the high-low range, weighted by volume. Originally developed by David Bostian, this indicator quantifies whether money is flowing into or out of a security on an intraday basis. Values range from -1 (close at low, maximum selling pressure) to +1 (close at high, maximum buying pressure), multiplied by volume for magnitude.
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## References
- Bostian, D. "Intraday Intensity Index." *Technical Analysis of Stocks & Commodities*.
- Arms, R. W. (1989). "The Arms Index (TRIN)." *Dow Jones-Irwin*.
- Arms, R. W. (1989). "The Arms Index (TRIN)." *Dow Jones-Irwin*.