[thrunner]

I don't calculate this stuff, but this may be what you are looking for at Program Trading, Fair Value, Index Arbitrage Values - indexArb.com webpage : sample Esignal calculation efs.

	Quote:
	Q: What is program buying and selling? A: When the S&P 500 premium (the difference between the S&P500 futures price and the S&P500 cash (regular index) price get to certain extreme levels (as identified by the buy and sell thresholds on indexarb.com for example), a certain kind of program trading (computerized trading) will take place to take advantage of the small out-of-whack premium levels: index arbitrage. Program Buying - When top circled premium is hit institutions buy the S&P500 stocks and short the S&P 500 futures. Program Selling - When bottom circled premium is hit institutions will sell the S&P500 stocks and buy the S&P 500 futures. In short program buying and selling do have an effect on the market, but it is not always clear which way the market will be influenced. If you hit the program sell threshold, the S&P500 futures (and thus the DOW) do not necessarily move up, and vice versa with the buy threshold being hit. There are entire courses and systems/services dedicated to determining which way the market will move based on program trading.