Thermometer

Category: Indicators By: lolo Created: October 12, 2015, 8:06 PM
October 12, 2015, 8:06 PM
Indicators
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Alexandre Elder’s “Thermometer” function (cf. his writings such as “enter my trading floor”) allows to measure market strength, just as a thermometer does with temperature.

Ideally, I use it in daily charts, displayed as a uptrend / downtrend histogram.

REM Measure market strength

thermo = MAX((High[0] - High[1]),(Low[0] - Low[1]))

REM Returns 'Thermometer' value

RETURN Thermo

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Filename: Thermometer.itf
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