MyThermometer: Combining Range, Heikin Ashi, and Trend Strength Signals
Summary
MyThermometer combines several directional readings into a single trend score. Its components compare the close with the midpoint of the daily high-low range, use a Heikin Ashi open-close relationship, measure bullish and bearish strength against recent extremes normalized by average true range, and compare price with a moving average. Enabled components contribute positive, negative, or neutral readings; the summed score is returned alongside optional bull and bear strength lines.
The source provides indicator logic and says users can display the score with color zones or as a curve, but it reports no performance tests or trading results. The score is a compact rule-based signal, and its usefulness depends on implementation details, instrument, timeframe, and parameter choices. The published description does not establish that its thresholds predict profitable trades or address position sizing, transaction costs, or risk controls.
Key ideas
- The indicator adds directional readings from range position, Heikin Ashi, normalized trend strength, and a moving-average comparison.
- Each enabled component contributes a positive, negative, or neutral value to the combined score.
- Bullish and bearish strength are measured against recent price extremes and scaled by average true range.
- Optional output lines show the separate bullish and bearish strength measures.
- The document offers no backtest or evidence of profitability.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.