Herrick Payoff Index and Index futures


Established member
I have been giving some thought to the use of volume/open interest as an indicator since Reading Grey 1 's posts on VWAPand came across the HPI in Murphy
Its calculation seems well detailed on
I have several questions
Has anyone used this indicator on index futures and to what effect
Would anyone like to comment on its appropriateness for intraday trading index futures
How would you deal with the "value of a one cent move" factor
Any help, pointers/advice/comment would be appreciated


Dear Rogvald,
I just came across your question regarding the Herrick Payoff Index. I would like to know whether you yourself started using it since and what are/were your findings?
Many thanks for the reply,


Veteren member
mate, the last time this guy posted anything on T2W was May 2006 so i doubt he's still around to answer your question.

from what I can recall, HPI is recommended by Murphy et al to only be used on Daily charts I believe ?
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