Elders market thermometer - from "Come in my trading room" - a real classic
Mode parameter :
1 - "original" mode (picture 1)
2 - colors changed to reflect "trend" (picture 2)
3 - the so called "Silberman's and Lynch" version (picture 3)
Quote:
if in trade already and red bar, then exit
get ready for explosive move if yellow bar
if not in trade, white bar suggests a move has started
set profit target for next day :
-- if Long, add value of today's Thermometer EMA to yesterday's high and place sell order there
-- if Short, subtract value of today's Thermometer EMA from yesterday's low and place order to cover there
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