Thermometer of Market – Top Volatility Indicators – MetaTrader 4

INDICATOR NAME – Thermometer of Market


Hello everyone!  A member made a request for available MetaTrader 4 volatility indicators in the room today.  I did some research on the matter and found multiple that could be very helpful to determine, recieve alerts, have multiple visuals, etc for asset volatility.

Please note that these are not indicators created by Slick Trade, nor do we claim that we own them in any way.  They are available free on the internet and we are happy to share good ones we find!

I will create a separate post for each of them and I hope they are a nice addition to your trading arsenals!


Measure the temperature of the market  Like a thermometer .The function of this indicator is to measure the temperature of the market ,it is  just like that using a thermometer to measuring water temperature, directly  to show where the market is running and where it is likely to reach.

  • Pivot Point is a resistance and support system. It has been widely used at froex,stocks, futures, treasury bonds and indexes. It is an effective support resistance analysis system.
  • Average True Range(ATR) is used to measure the volatility of market prices. ATR  represents the actual situation of the market in the past period of time, and in many cases reflects the energy of the recent market.
  • Market has  its own rules,sometimes the market is very gentle, sometimes is very strong waves.  Based on Pivot Point and ATR, we can predict the where the market is most likely to go and where it is most likely to back.
This indicator provide  two algorithms, Pivot Point and ATR, you can switch between the two algorithms at any time.

Pivot Point

  • Support Levels
  • P=(LastClose+LastHigh+LastLow)/3;
  • S1=2*P-LastHigh;
  • S2=P-(LastHigh-LastLow);
  • S3=(2*P)-((2*LastHigh)-LastLow);
  • Resistance Levels
  • R1=2*P-LastLow;
  • R2=P+(LastHigh-LastLow);
  • R3=(2*P)+(LastHigh-(2*LastLow));
   the defaut is yersterday’s prices, and  there have a modified interface to set any price you need.


The ATR value takes yesterday’s value and the chart period is D1. it is represents recent market volatility. 
by the input argument, can set the period of ATR.

User Inputs

  • ATR Period   – set here the Average True Range period ,  it can be 1,2,3..14. .
  • Ratio of ATR to Alert – set here the ratio you want to show in the monitor,default is 0.5, more than 0,and not greater than 2
  • X Distance  – set here the x distance.
  • Y Distance   – set here the y distance.
  • Thermometer Height   – set here the Thermometer height.
  • Thermometer Width    – set here the Thermometer width.
  • Thermometer0 color   – set here the color.
  • Thermometer1 color   – set here the color.
  • Font color1   – set here the color.
  • Font color2   – set here the color.


Sometimes, the base data for this indicator cannot  load immediately and correctly ,when you first load it on a chart.  If this happens, change the period of current chart to give the indicator an opportunity to update,it will know to refresh it’s base data again.

Important :

This version is for test and limit time is 3 hours every times,when it stop ,you need restart MT4 client before run it again   

if you like it , please go to download the  unlimited version, and thank you!


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