The Market Thermometer translates market activity into a "hot" and "cold" histogram for better visualisation.
The Market Thermometer is one of the studies that comes with the
Example of the Market Thermometer study using a 15 minute e-mini S&P future chart with a timeframe restricted to NYSE trading hours.
The red bars show "hot" and blue bars show normal or cool. Hot/cool is determined by relative position to MA.
To configure the study please right click on an advanced chart that has the study loaded and from the menu select Edit Studies... and in the subsequent dialog box select the appropriate study from the drop down list in the top left hand corner next to the label Study:
|Bar Thickness||Thickness of histogram bars. Default is 3.|
|Line Thickness||Thickness of line. Default is 2.|
|Bar Color||Color of bar when it is below the moving average (MA) line. Default is blue.|
|Hot (over MA) Color||Color of histogram bar when it is over the moving average (MA) line. Default is red.|
|MA Line Color||The color of the moving average (MA) line. Default is teal.|
|MA Length||Number of bars to use in calculating the moving average.|
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Other indicators in this Pack/Series: