-Crosses of the TSI value line and signal line are a bullish or bearish indication. TSI value line is colored green or yellow to help identify that the TSI value line is either dropping or rising, while over or under the signal line.
-This can help anticipate a cross, or significant points in the trend. TSI signal line changes color when rising or falling which can help to identify larger prevailing trends.
-Generally, a rising signal line can be an overall bullish move, while falling more bearish regardless of crosses.
*Resolution function enables multiple overlay for "Multi-timeframe analysis"*
New "Select-a-speed" option provides a drop down box to allow the user greater control over the inputs used for the indicator
-Preset values are present for dual speed control without having to remember values
-"Fast" gives timelier signals - quicker entries and exits, but may give more whipsaw signals. This setting is good for swing trading, etc.
-"Slow" gives less signals - More meaningful signals, less whipsaw, but will not catch the top or bottom quite as good leaving a little delay.
This setting may be better for longer holds, or more volatile assets
Experiment and have fun - Back test the strategy and use a speed that works well for your asset, timeframe, and trading style
- By request - The ability to add overbought and oversold lines at your value of choice. Default is 25 and -25 and invisible.
*Activate checkbox in settings to see these lines if desired*
-Bullish/bearish crosses of TSI
-Generic cross for recurring alerts
-Alert for bullish or bearish "curl" - gives an alert where the TSI line is highlighted while curling toward the signal line
Added new alert functions and bar color
Alert for overbought/oversold
- Alerts user as TSI value crosses the specified values in settings. (default 30 and -30)
- The technician should apply values to fit common extremes for their timeframe
Alert for Curl in area extreme
Alerts user if TSI "curls" in overbought or oversold (above or below user defined values)
Bar color option will also color based on this condition so the technician can visually check its effectiveness
Example of bar color check:
Added a zero line option from menu as frequently requested
Added multi-timeframe functionality utilizing the built-in args
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.