Elder's Market Thermometer - THERM
Parameters:
Color Above MA - Bar color above MA
Color Below MA - Bar color below MA
Color Threshold - Bar color that reaches threshold
Label - The text that identifies the AD plot
Line Type - The type of plot to draw
MA Color - Color of the MA plot
MA Label - The text that identifies the MA plot
MA Line Type - The type of MA plot to draw
MA Period - Period of the MA
MA Type - Type of MA to use
Smoothing - Number of smoothing bars to use on THERM values before MA is applied.
Smoothing Type - The type of smoothing to use.
Threshold - Threshold value
Description:
The "Market Thermometer" indicator is described in Dr. Alexander Elder's book _Come Into My Trading Room_, p.162
Formula Reference:
Syntax
THERM(MA Type, MA Period, Threshold, Smoothing Type, Smoothing)
Function
Input can be either an array of bars or a formula variable array of data.
Example
THERM(EMA, 22, 3, EMA, 2)