Thermometer Oscillator
Thermometer Oscillator scores each bar from -5 to +5 by comparing its close, open and range with the bar before, and smooths the score with a moving average.
HOW IT WORKS
The score is the sum of three parts:
• Close vs previous close: +2 higher, -2 lower, 0 unchanged.
• Close vs open: +2 up candle, -2 down candle, 0 doji.
• Range vs previous close: +1 if the whole bar is above the previous close (gap up that holds), -1 if the whole bar is below it, 0 if the bar touches it.
+5 is the strongest up bar (higher close, up candle, entirely above the previous close); -5 the strongest down bar.
HOW TO USE IT
• Readings at +3 to +5 or -3 to -5 show strong one-sided bars.
• The moving average shows the prevailing bias: above zero, up bars dominate; below zero, down bars dominate.
• A move of the average through zero marks a shift in that balance.
INPUTS
• MA Length: the moving average length (9).
• MA Type: EMA, SMA, WMA or RMA (EMA).
DRAWING AND LIMITATIONS
• Plotted in its own pane, blue score line and yellow average, with reference lines at +5, +3, 0, -3 and -5. Colours are set in the Style tab.
• The current bar's score changes until the bar closes.
• Works on any symbol and timeframe.
CREDITS
The Thermometer as taught by David Bowden.
HOW IT WORKS
The score is the sum of three parts:
• Close vs previous close: +2 higher, -2 lower, 0 unchanged.
• Close vs open: +2 up candle, -2 down candle, 0 doji.
• Range vs previous close: +1 if the whole bar is above the previous close (gap up that holds), -1 if the whole bar is below it, 0 if the bar touches it.
+5 is the strongest up bar (higher close, up candle, entirely above the previous close); -5 the strongest down bar.
HOW TO USE IT
• Readings at +3 to +5 or -3 to -5 show strong one-sided bars.
• The moving average shows the prevailing bias: above zero, up bars dominate; below zero, down bars dominate.
• A move of the average through zero marks a shift in that balance.
INPUTS
• MA Length: the moving average length (9).
• MA Type: EMA, SMA, WMA or RMA (EMA).
DRAWING AND LIMITATIONS
• Plotted in its own pane, blue score line and yellow average, with reference lines at +5, +3, 0, -3 and -5. Colours are set in the Style tab.
• The current bar's score changes until the bar closes.
• Works on any symbol and timeframe.
CREDITS
The Thermometer as taught by David Bowden.
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.