Hello again,
Does anyone have the Thermometer Indicator? It is very usefull indicator showing entries in established trend. I used to use it in Futures trading.
Here is the formulae if someone decides to build it:

The indicator moves between PLus 5 and Minus 5. It is placed below the Price Chart on your screen, just like any oscilator.

We need Open, High, Low and Close for the last 2 days.(Bars) The reading is taken after the market`s close for the day.(Or on the Close of the last Bar in case of intraday trading).

Firstly,
If today`s Close is higher than yesterday`s Close give it PLUS 2
If today`s Close is lower than yesterday`s Close give it MINUS 2
If today`s Close is equal to yesterday`s Close give it ZERO


Secondly,
If today`s Close is higher than today`s OPEN give it PLUS 2
If today`s Close is lower than today`s OPEN give it MINUS 2
If today`s Close is equal to yesterday`s OPEN give it ZERO

Finally check Today`s RANGE in relation to yesterday`s CLOSE
If today`s LOW is above ysterday`s CLOSE give it PLUS 1
If today`s LOW is below ysterday`s CLOSE give it ZERO
If today`s HIGH is below ysterday`s CLOSE give it MINUS 1
If today`s HIGH is above ysterday`s CLOSE give it ZERO


+5=== Strong Markrt
+4
+3
+2
+1
0=== Neutral Market
-1
-2
-3
-4
-5=== Weak Market

We are interested only in Plus and Minus 5 readings of this indicator.
If the trend is going UP we look at Minus 5 to go Long.
If the trend is down we look at Plus 5 to go Short.

Entry is o the Open of the next bar. (Day, Hour, M30..etc..)

Very useful indicator, indeed.

Thanks,
Nandi