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Don't know if this is what MS uses but from the Stocks and Commodities Magazine this is what they show at:
http://www.working-money.com/Documentation/FEEDbk_docs/Archive/072000/Abstracts_new/Gopalakrishnan/Gopalakrishnan.html
The vertical horizontal filter (VHF) is an indicator that can help determine whether a market is trending. The formula for the 28-day VHF is:
where the numerator is the difference between the highest close and the lowest close for the last 28 days and the denominator is the 28-day sum of the absolute value of the one-day price change.
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