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 open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.