Conventional MSE or PSNR based methods for objective picture quality assessment of moving picture coder are not well correlated with subjective human evaluation. In recent years, the design of better objective quality assessment has attracted much intention and several picture quality metrics based on the properties of Human Visual System has been proposed. This paper proposes new metric which is appropriate for objective picture quality assessment of block based moving picture coder by considering frequency sensitivity, inter-intra channel masking and several distortion artifacts caused by block based coding. The experimental results show that the proposed method is good correlated with subjective assessment.