Here is the code for the indicator, unfortunately it is for the amiBroker platform.
// MBI written by Barry Scarborough
// Developed by Humphrey Lloyd, see pages 54-57 of The RSL Market Timing System
// Step 1 - calc 10 day moving avarage of the index
// step 2 - calc the average volume component
// step 3 - calc arms
// step 4 - calc mbi
// step 5 - plot mbi
// Select exchange
tgl = ParamToggle("Index", "NYSE|NASD", 0);
index = "NASD";
index = "NYSE";
// Step 1 - AD component
period = Param("Period", 10, 2, 50, 1);
UpIssues = Foreign("~" + index, "O"); // advancing issues
DnIssues = Foreign("~" + index ,"C"); // declining issues
AD = 10 * MA(UpIssues, period ) / MA(DnIssues, period );
// Step 2 - Advancing volume
UpVol = Foreign("~" + index, "V"); // advancing volume
DnVol = Foreign("~" + index, "I"); // declining volume
AdvVol = UpVol / (UpVol + DnVol) * 100; // calculate percentage of days up volume
MaAdvVol = MA(AdvVol, period ) / 3; //
RMaAdvVol = round(MaAdvVol * period ) / 10; // rouind to the nearest .1 decimal place
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Here is my attempt at converting the MBI code provided by Ausy Mick above. My index data (issue and volume) only updates every 8-10 minutes from my data provider so resolution isn't the greatest less than 15 minutes time frame. Please feel free to revise/improve.