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The Kurtosis is a market sentiment indicator. The MetaStock formula for the Kurtosis is as follows:
Mov(Mov(Mo(3)-Ref(Mo(3),-1),66,E),3,S)
The Kurtosis is constructed from three different parts. The Kurtosis, the Fast Kurtosis(FK), and the Fast/Slow Kurtosis(FSK).
The Kurtosis(K) portion of this calculation is mo(3)-ref(mo(3),-1). Which is today's Kurtosis - yesterday's Kurtosis.
The Fast Kurtosis(FK) is mov(K,66,E) mov(mo(3)-ref(mo(3),-1,66,E). Which is the Kurtosis smoothed with a 66 period exponential moving average.
The Fast/Slow Kurtosis(FSK) is the complete formula mov(mov(mo(3)-ref(mo(3),-1),66,E),3,S). Which is the FK smoothed with 3 period simple moving average.
**You may want to experiment with different time periods to optimize the results. For example, to calculate a 4 period Kurtosis, a 50 period FK and a 10 period FSK, use the following formula:
mov(mov(mo(4)-ref(mo(4),-1),50,E),10,S)
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