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.
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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.
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.