IBS - Internal Bar Strength

The location of the closing price within the day's range is a surprisingly powerful predictor of next-day returns for equity indices. The closing price in relation to the day's range:Internal Bar Strength is simply calculated as such:

((close-low)/(high-low))*100

It takes values between 0 and 100 and simply indicates at which point along the day's range the closing price is located. In this post I will take a look not only at returns forecasting, but also how to use this value in conjunction with other indicators. You may be skeptical about the value of something so extremely simplistic, but I think you'll be pleasantly surprised.

Excellent research related to IBS you can find here:
http://qusma.com/2012/11/06/closing-price-in-relation-to-the-days-range-and-equity-index-mean-reversion/

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