- The zero line is included in this script, since it's a standard feature of the True Strength Index momentum oscillator.
- I did not include levels, as I'm still researching the best way to incorporate this, rather than using a simple horizontal line for each.
- The original True Strength Index momentum oscillator utilizes the , but with this release, you have the option to use the (as an alternative). Feel free to experiment and adjust the settings to whatever suits your trading style.
- I plan on improving/updating this indicator, but for now, releasing this early version.
* This is being provided as is and the information provided by this script is meant for informational/entertainment purposes only.
After several hours of brainstorming and experimentation, I think I came up with a better solution to the oversold and overbought levels. You can read the description comment area of the source code (released publicly) for more information on how to use the oversold and overbought lines. The oversold and overbought lines aren't enabled by default, so if you want it, ensure you manually enable it.
Please note that the trend direction helper isn't enabled by default. You have to manually activate it, if you want it through the indicator settings.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.