Trend Heat Meter by Jaehee

Purpose

A compact, overlay gauge that shows where the current close sits within the last 50 bars’ high-low range. It converts price position into a 0–100% “heat” scale and renders a vertical gradient from Frozen (low end) to Overheated (high end).

How it works

• Looks back 50 bars to get highest(high, 50) and lowest(low, 50).
• Normalizes the current close into a percentile: (close − low) / (high − low) * 100.
• Draws a vertical cold→hot bar at the right side of the chart, with a pointer and a fixed-width percentage readout (two decimals) to avoid jitter.
• Labels the extremes as Overheated (top) and Frozen (bottom).
• The script is an overlay and does not modify candles or generate orders.

What makes it different

• Pure position metric: No EMA smoothing or oscillation math. It’s a direct percentile of price inside a rolling range, so interpretation is immediate.
• Jitter-free readout: Fixed-width numeric formatting keeps the value visually stable as price ticks.
• High signal legibility: A single, color-coded “thermometer” avoids multi-plot clutter and works well on any chart style.
• Non-repainting logic: Uses only in-bar values and a rolling 50-bar window; no future bars are referenced.

Inputs

• Use Black Text (White→Black): Switches label/pointer text from white to black for dark or light chart themes.

(Length and visual rows are internally set to 50 and 21 for a consistent footprint.)

Practical use

Trend context
• >70% = price is trading near the upper segment of its recent range → bullish pressure / “hot.”
• <30% = price is trading near the lower segment of its recent range → bearish pressure / “cold.”

Confluence
• Combine with your entry method (structure breaks, OB/FVG, KZ sessions, etc.).
 – Prefer long setups when the meter stays >50% and rising.
 – Prefer short setups when the meter stays <50% and falling.

Risk management
• Treat extreme reads (>85% or <15%) as potential exhaustion zones inside ranges; wait for confirmation before fading.

Timeframes & markets
• Works on any timeframe and symbol. Large-cap, liquid instruments typically provide the cleanest read.

Notes and limitations

• The meter shows relative position, not momentum or volatility. Pair it with your preferred filters for full trade qualification.
• It does not produce buy/sell signals, alerts, or TP/SL levels.
• Visual table draws only on the last bar for efficiency.

Compatibility

• Pine Script® v6
• Overlay: true

Disclaimer

This script is for educational purposes only and is not financial advice. Trading involves risk. Test on a demo and use proper risk management.