This script uses a unique calculation for True Strength Indicator (TSI) and incorporates volume weighting the chosen source over a variable length.
The frame length changes dynamically to minimize chop zones.
Two lines:
- a signal line and a moving average of the signal line
There are a few ways to use this indicator:
- look for the cross of the signal line with the moving average for an early marker, this is more volatile
- look for the signal line cross with zero line a medium volatility marker
- look for the average to cross the zero line, a less volatile marker but comes in later
- over sold and over bought zones, suggest looking for exits from those zones as a trigger
Parameter explanation:
- setting the source for the TSI, this is then weighed with volume
- setting the maximum and minimum length, this sets the boundaries for the dynamic length/frame, actual frame lengths will fall within these boundaries (be sensitive to using very high lengths the indicator may fail on loop calculations)
- setting the change look back for TSI, the standard setting is 1, you can play with this for fine tuning
- the boundary that sets the value for overbought/oversold
What you see
- signal line
- moving average of signal line, this is colored to show points of velocity
- overbought/oversold circles at the top or bottom that meet boundary criteria
- diamonds that show crossing events
The frame length changes dynamically to minimize chop zones.
Two lines:
- a signal line and a moving average of the signal line
There are a few ways to use this indicator:
- look for the cross of the signal line with the moving average for an early marker, this is more volatile
- look for the signal line cross with zero line a medium volatility marker
- look for the average to cross the zero line, a less volatile marker but comes in later
- over sold and over bought zones, suggest looking for exits from those zones as a trigger
Parameter explanation:
- setting the source for the TSI, this is then weighed with volume
- setting the maximum and minimum length, this sets the boundaries for the dynamic length/frame, actual frame lengths will fall within these boundaries (be sensitive to using very high lengths the indicator may fail on loop calculations)
- setting the change look back for TSI, the standard setting is 1, you can play with this for fine tuning
- the boundary that sets the value for overbought/oversold
What you see
- signal line
- moving average of signal line, this is colored to show points of velocity
- overbought/oversold circles at the top or bottom that meet boundary criteria
- diamonds that show crossing events