TSI Spread - false move indicator

650 5 91
Yellow on top during an upward slope = false move
Confirmation @ Vertex to push slope from up to down, with yellow on top

Credit to the worst fund manager east of the Mississippi ;)
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study("TSI Spread - false move indicator", shorttitle="TSI Spread")
long = input(title="Long Length", type=integer, defval=30)
short = input(title="Short Length", type=integer, defval=6)
signal = input(title="Signal Length", type=integer, defval=13)
price = close
double_smooth(src, long, short) =>
    fist_smooth = ema(src, long)
    ema(fist_smooth, short)
pc = change(price)
double_smoothed_pc = double_smooth(pc, long, short)
double_smoothed_abs_pc = double_smooth(abs(pc), long, short)
tsi_value = 100 * (double_smoothed_pc / double_smoothed_abs_pc)
plot(tsi_value, color=yellow, linewidth=3)
hline(0, title="Zero")


long2 = input(title="Long2 Length", type=integer, defval=25)
short2 = input(title="Short2 Length", type=integer, defval=6)
signal2 = input(title="Signal2 Length", type=integer, defval=13)
double_smooth2(src, long2, short2) =>
    fist_smooth2 = ema(src, long2)
    ema(fist_smooth2, short2)
pc2 = change(price)
double_smoothed_pc2 = double_smooth2(pc2, long2, short2)
double_smoothed_abs_pc2 = double_smooth(abs(pc2), long2, short2)
tsi_value2 = 100 * (double_smoothed_pc2 / double_smoothed_abs_pc2)
plot(tsi_value2, color=blue, linewidth=3)


long3 = input(title="Long3 Length", type=integer, defval=19)
short3 = input(title="Short3 Length", type=integer, defval=13)
signal3 = input(title="Signal3 Length", type=integer, defval=13)
double_smooth3(src, long3, short3) =>
    fist_smooth3 = ema(src, long3)
    ema(fist_smooth3, short3)
pc3 = change(price)
double_smoothed_pc3 = double_smooth3(pc3, long3, short3)
double_smoothed_abs_pc3 = double_smooth3(abs(pc3), long3, short3)
tsi_value3 = 100 * (double_smoothed_pc3 / double_smoothed_abs_pc3)
plot(tsi_value3, color=fuchsia, linewidth=2)
signal = input(title="Signal Length", type=integer, defval=13) is declared but not used? Thanks
potomacapitol syracusepro
@syracusepro, correct, can be activated to display more info.
Dont understand, sorry novice, please explain
+1 Reply
Please further elaborate?
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