OK first thing first what is avox..well when vix goes down and oi pcr goes up its bullish and avox will go up same for bearish and when vix goes down but oi pcr also goes down then its neutral vis versa
calculation is very simple..
v2-v1=v & o2-o1=o
where v2 and v1= todays and y day's vix closing price respectively.
o2 & o1 = oi pcr of todays and y day's respectively
...
AVOX = 100- ( v-o )
now, market profile is deep subject, already segul covered in his thread..to get more detail information about market action time,price and instead of using volume using avox ( open interest build up in options wd be substitute for volume ) and change in implied volatility will give sense of fear factor in market..in short i try to get much more information about market in algorithm term as possible
must add its not an indicator or buy / sell signal nor any magic wand its just market generated info thats it which help to focus on what market is actually saying and interpret likewise and not interpreting our own version and involving ME in trade ( cant thanks saint sir more enough for teaching us relentlessly what market is and generate profit out of it, hope the learning process will carry on ).
Given one example on chart..market action at 22.12.08 market profile was 'P' letter shaped which indicates bulls are getting tired and & cuz of lack of fresh buying market not going up and avox was already closed down which indicates further weakness.
All the best folks
Alex
p.s. sorry czar my utter laziness for making new thread made me post here, sorry for adding in ur agony