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Market Thermometer

Similar to the Market Thermometer Line AFL, the Market Thermometer in Amibroker offers a visual representation of market sentiment or strength. Utilizing amibroker data feed  capabilities, traders can interpret market conditions by observing the position of the thermometer. This AFL assists traders in assessing market sentiment and making decisions based on the overall market direction indicated by the thermometer.

Plot(Max(H-Ref(H,-1),Ref(L,-1)-L), "",3);

MarketTemp = IIf(HRef(L,-1),0,IIf(H-Ref(H,-1)>Ref(L,-1)-L,H-Ref(H,-1),Ref(L,-1)-L));
AvgMarketTemp = EMA(MarketTemp, 21);
Plot(MarketTemp, "",4);
Plot(AvgMarketTemp, "",5);

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