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Elder Market Thermometer

The Market Thermometer is described in "Come into my Trading Room" book.  It measures the degree of volatility, as reflected in greater or smaller intraday ranges. When the Market Temperature spikes above its average or stays below its average for a number of days, it gives trading signals, as described in the book.

Parameters:

  • Thermometer_EMA_Length (22) – The length of the moving average of the Market Temperature. The default 22, the average number of trading days in a month.
  • Spike_Alert_Factor (3) – If the Temperature exceeds its EMA by this factor, a visual indication appears on the chart.
  • Quiet_Alert_Count (6) – If the Temperature remains below its EMA for this number of trading days, a visual indication appears on the chart.
  • Spike_Symbol (6) – Symbol to be displayed to indicate spikes. 
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