OPEN-SOURCE SCRIPT
Thermometer Oscillator
Thermometer Oscillator
This one comes from David Bowden's Gann trading material — a quick way to check whether a trend still has gas in the tank or is about to stall. I built it as a simple momentum readout, nothing fancy.
Each bar gets scored on three things, added up into one number from -5 to +5:
1. Today's close vs. yesterday's close — +2 if higher, -2 if lower, 0 if it didn't move.
2. Today's close vs. today's open — same idea, +2/-2/0.
3. Today's range vs. yesterday's close — +1 if the whole bar sat above yesterday's close, -1 if it sat entirely below, 0 if yesterday's close landed inside the bar.
Add the three up and you get a number between -5 and +5. It plots like an RSI, with lines at +5, +3, 0, -3 and -5 so you can see where things stand at a glance. There's also a moving average on top (EMA by default, 9-period, but you can switch to SMA/WMA/RMA and change the length) to smooth out the noise.
Don't trade off this thing alone. It's an early-warning tool, not a signal. The way it's meant to be used: watch for it disagreeing with price. If a market's been sitting at +5 for a few days and then drops to +1 while price is still grinding out higher highs, that's momentum leaking out before the chart shows it.
Bowden's original write-up covers the daily version — previous day vs. current day. He does the same thing for the weekly trend, but you don't need a second calculation for that, just flip the chart to a weekly timeframe and read it the same way.
Educational tool only, not trading advice. Do your own homework before putting money behind it.
This one comes from David Bowden's Gann trading material — a quick way to check whether a trend still has gas in the tank or is about to stall. I built it as a simple momentum readout, nothing fancy.
Each bar gets scored on three things, added up into one number from -5 to +5:
1. Today's close vs. yesterday's close — +2 if higher, -2 if lower, 0 if it didn't move.
2. Today's close vs. today's open — same idea, +2/-2/0.
3. Today's range vs. yesterday's close — +1 if the whole bar sat above yesterday's close, -1 if it sat entirely below, 0 if yesterday's close landed inside the bar.
Add the three up and you get a number between -5 and +5. It plots like an RSI, with lines at +5, +3, 0, -3 and -5 so you can see where things stand at a glance. There's also a moving average on top (EMA by default, 9-period, but you can switch to SMA/WMA/RMA and change the length) to smooth out the noise.
Don't trade off this thing alone. It's an early-warning tool, not a signal. The way it's meant to be used: watch for it disagreeing with price. If a market's been sitting at +5 for a few days and then drops to +1 while price is still grinding out higher highs, that's momentum leaking out before the chart shows it.
Bowden's original write-up covers the daily version — previous day vs. current day. He does the same thing for the weekly trend, but you don't need a second calculation for that, just flip the chart to a weekly timeframe and read it the same way.
Educational tool only, not trading advice. Do your own homework before putting money behind it.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.