The Elders’ Market Thermometer MTF TT is a volatility indicator developed by Alexander Elder, a well-known figure in the trading community. This indicator was optimized and enhanced by Tankk, a popular author of profitable indicators on the traders’ forum.
The Elders’ Market Thermometer MTF TT measures each candle (High-Low range) and then performs additional transformations to display the results on the chart. In addition to the candles, two lines are included in the volatility indicator for currency pairs: a solid line and a dashed line. The first is calculated by averaging the base histogram values over the period ‘EMALength’, while the second is determined by multiplying the previous value by the coefficient ‘EMAKoef2’.
What is the Purpose of the Forex Indicator Elders’ Market Thermometer MTF TT?
This volatility indicator helps assess the ‘temperature’ of the market, identifying key points where price behaves predictably. One such state is typically represented by a yellow color. If similar bars appear on the volatility indicator for currency pairs, it is a clear sign that the market is ready for a strong move.
In other words, this indicator works on the principle of a spring—after a period of calm comes a strong surge. Therefore, the Elders’ Market Thermometer MTF TT is ideal for exiting an old trend and preparing for a new movement.
- Download the Elders’ Market Thermometer MTF TT Trading Indicator
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FAQ
What is the Elders’ Market Thermometer MTF TT?
The Elders’ Market Thermometer MTF TT is a volatility indicator used to measure market ‘temperature’ and identify key points where price behavior becomes predictable.
How does the Elders’ Market Thermometer MTF TT work?
The indicator measures each candle’s High-Low range, performs additional transformations, and displays the results on the chart. It includes two lines that help traders identify potential trend reversals.
Why is the Elders’ Market Thermometer MTF TT useful for traders?
The indicator helps traders recognize periods of market calm followed by strong movements, making it ideal for exiting old trends and preparing for new ones.
