Elder Thermometer Index

The Elder Thermometer indicator was developed by Alexander Elder. It is composed of two components, Elder Thermometer and Elder Thermometer Average. For the correct visualization it is advisable to display the first as a histogram and the second as a line to better see the intersections. The author assigns a BUY signal when the Elder Thermometer is lower than the Elder Thermometer Average, vice versa a SELL signal when the Elder Thermometer is higher than the Elder Thermometer Average.