$59.00

The True Strength Index is a technical momentum oscillator with a range from -100 until +100.
Extreme values depend on the instrument, but for example values for the ES above 50 and below -50 are uncommon.
The indicator may be useful for determining overbought and oversold conditions, indicating potential trend direction changes via centerline or signal line crossovers, and warning of trend weakness through divergence.

More information on Investopedia

 

TSI settings

Alerts

  • When the signal becomes Strong
  • When the price crosses the Threshold

Signals

Strong LongWhen the TSI is above the zero line, above the smooth average and rising, and (optionally) above the threshold
Weak LongWhen the TSI is below the zero line, above the smooth average and rising
NoneWhen all other conditions aren’t valid
Weak ShortWhen the TSI is above the zero line, below the smooth average and falling
Strong ShortWhen the TSI is below the zero line, below the smooth average and falling, and (optionally) below the negative threshold

The Threshold parameter can be used as additional condition for a Strong signal

Settings

FastThe period used for smoothing the slow period
SlowThe number of bars used for calculating the momentum
SmoothThe period for the smoothing average of the TSI
ThresholdIf you set the threshold a Strong signal will only appear when TSI is above this value (or below the negative), otherwise signals are fired as stated above.
Color barsEnable this to set the bar color based on strong signals
Up colorThe color for Strong Long bars
Down colorThe color for Strong Short bars
Show backgroundEnable this to show a background color based on the strength of the TSI and/or the Ergodic
Show ErgodicThe Ergodic is basically a histogram of the difference between the TSI and the Smooth average multiplied by 2
PlotsThe visual appearance of all the available plots and lines