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.
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REM Measure market strength thermo = MAX((High[0] - High[1]),(Low[0] - Low[1])) REM Returns 'Thermometer' value RETURN Thermo |
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