Elder Market thermometer
Elder Market Thermometer in Amibroker measures the market’s temperature or strength. Utilizing the Amibroker data feed, this indicator helps traders gauge the intensity or vigor of market movements.
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// Juast another ad on to ur evergrowing Elder Library. Hope this works for
// you guys, tweak it if you need to.
//
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_SECTION_BEGIN("Market Thermometer");
H1 = Ref(H, -1);
L1 = Ref(L, -1);
T = IIf(HL1, 0, IIf(H-H1>L1-L, H-H1, L1-L));
Val1 = H-H1;
Val2 = L1-L;
Val = IIf(Val1>Val2, Val1, Val2) ;
Avgval = Median(Val, 22);
color= IIf (Val < Avgval, colorBlue, IIf(Val >= Avgval AND Val < Avgval * 3, colorViolet, IIf(Val > Avgval * 3, colorOrange, colorViolet)));
Plot(T, _DEFAULT_NAME(), color, styleHistogram | styleThick);
P = ParamField("Price field",-1);
Periods = Param("Periods", 22, 2, 200, 1, 10 );
Plot( EMA( P, Periods ), "EMA 22", colorGreen, styleThick);
_SECTION_END();