PZT THERMOMETER is a directional reference indicator that works with intraday charts by calculating the relative change in intraday price. This indicator displays values as a percentage of price change and can be used on a variety of intraday time frames. The inputs for this indicator allow the user to modify the upper and lower threshold percentages. These dotted lines act simply as a reference to help find favorable crossing points between the indicator and its thresholds.
As the name implies, this indicator can act as a powerful temperature gauge for intraday price movement, and is intended to function in real-time. The default threshold levels of +/- .005 percent are used to illustrate strong moves in a particular direction. While this value must be adjusted for individual markets, indicator readings above the upper threshold represent strong intraday price moves favoring long positions, while readings below the lower threshold show weakness.
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