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hilbertDshilbertDs computes the Hilbert Transform of the channels in a dataset. If you use a narrow band, this will approximate the envelope of the data, which is one way of estimating the instantaneous power. Another way is rmspowerDs.
Download hilbertDs. Linux x86 binary, build 5.0-linux-20051012. Email me for source (but you need the VSM/CTF dataset libraries to build it).
chmod +x hilbertDs, and move to your bin directory.
hilbertDs [options] $ds $newds
You will most likely want to use the -band lo hi option. Other options are the same as for newDs2. If you are looking at virtual channels produced by SAM, remember to use the same band and time window that you used for the covariance. The -excludeMEG option is also useful in that case.
Generally, you'll run hilbertDs on unaveraged data, and then average the Hilbert transformed data.