LazyBear

Indicator: True Strength Index

TSI is a "double smoothed" indicator. It is used just like RSI . Overbought and oversold levels differ. They are marked by the indicator.

BTCe shows only 3 oversold conditions so far, the last one being just days ago.
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//
// @author LazyBear
// @credits http://en.wikipedia.org/wiki/True_strength_index
// 
study(title = "True Strength Index [LazyBear]", shorttitle="LB_TSI", overlay=false)
r=input(25, title="Momentum Smoothing 1")
s=input(13, title="Momentum Smoothing 2")
src=close
m=src-src[1]
tsi=100*(ema(ema(m,r),s)/ema(ema(abs(m), r),s))
ul=hline(25)
ll=hline(-25)
fill(ul,ll)
plot(tsi, color=red)
Bitstamp view (log data / non-log indicators)

snapshot
+1 Reply
Where did you get your LB_TSI indicator ?
Reply
LazyBear PRO Mirandole
I coded it based on this - http://en.wikipedia.org/wiki/True_strength_index
+2 Reply
I hope this thing will be added to TV.
Reply
LazyBear PRO Mirandole
You can actually use this indicator in your charts.

Video on how to import this Indicator:
http://blog.tradingview.com/?p=265

Check out my other indicators too (under my published charts). They all can be freely imported and used in your charts.

+1 Reply
Thx man ! :)
Reply
This seems to have been broken. TSI dipped down again. Another pattern broken this time.

snapshot
+1 Reply
Hey Lazy, would you be able to add a "0" line in this one please for us to have on or off? Or if you could let us know how to add one, that would be great mate. Very happy with this TSI so far. Much smoother than the traditional RSI. Cheers and thanks again bro :)
Reply
LazyBear PRO JimmyJambles
Sure, add the following line to the end of the script.

hline(0)
Reply
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