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| MAR 1988
Payoff index by Thomas E. Aspray
Payoff index by Thomas E. Aspray In my market analysis, I find the action of the open interest can be very important. Granted in the financial futures it occasionally gives misleading signals, but these are the exception rather than the rule. I use two indicators which incorporate the open interest, the Board Watch Trend Indicator and the Herrick Payoff Index (HPI) developed by John Herrick. I find the HPI is an excellent short- and long-term tool, though my use and interpretation varies from John's. HPI is simply a mathematical method of measuring the money flowing in or out of a commodity by computing the difference in dollar volume each day. The formula, according to the CompuTrac System Operating Manual, is:
by Thomas E. Aspray
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