Bjorgum TSI Arrows — Indicator by Bjorgum

relativestrengthindex truestrengthindicator momentum reversal support supportandresistance curl

This script is intended to help the viewer identify potential turning points with momentum "headwinds" or "tailwinds" with a visual que at the bar level. The presence of arrows indicates that the TSI indicator is either "curling" up under the signal line, or "curling" down over the signal line. This can help to anticipate reversals, or moves in favor of trend direction.

Multiple script overlays can be used for "Multi-timeframe analysis" by altering the "resolution" feature.

eg: Viewer could enable 2 "Arrow" scripts while watching the daily timeframe, and setting one of them to indicate weekly conditions. This can help identify prevailing trend strength when using smaller timeframes.

Can buy me a coffee here...

paypal.me/JBjorgum

BTC: bc1qfdf6rnzyhsj67y9atdrdyugy8x9hsvry4h3fvz

Open-source script

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.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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