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    True Strength Index (TSI)
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      True Strength Index (TSI)

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        Article summary

        True Strength Index (TSI) is a momentum oscillator used to identify trends and reversals. Both TSI and signal lines fluctuate on the scale from -40 to +40 determining a downtrend and uptrend when TSI above or below zero respectively. When TSI crosses above the signal line it can be used as a buy signal, and when it crosses below, a sell signal.

        TSI = 100 x EMAs2(EMAs1(PM)) / (EMAs2(EMAs1(|PM|))

        where:
        EMA – Exponential Moving Average
        PM – Pricei - Pricei-1
        |PM| – Absolute value of PM
        EMAs1 – the long period EMA
        EMAs2 – the short period EMA

        Stoller Average Range Channel BandsTrue Strength Index

        INPUTS

        Price
        The following data sources are available for the price:
        • Open. The Open Price of every bar for the specified period.
        • High. The High Price of every bar for the specified period. 
        • Low. The Low Price of every bar for the specified period.
        • Close. The Close Price of every bar for the specified period. 
        • Median. The Median Price of every bar for the specified period - (High + Low) / 2.
        • Typical. The sum of High, Low, and Close prices divided by 3 for the specified period- (High + Low + Close) / 3.
        • OHLC average. The arithmetical mean of High, Low, Open, and Close prices for the specified period - (Open + High + Low + Close) / 4.
        • Volume. The Close Price of every bar + average volume of an asset for the specified period.
        InputDescription
        LongLengthThe number of bars used in calculation of the long-period EMA
        ShortLengthThe number of bars used in calculation of the short-period EMA
        SignalLengthThe number of bars used in calculation of signal line
        Average
        The following Moving Average types are available for calculations:
        • Simple. Simple Moving Average (SMA) is used in calculation.
        • Wilders. Wilders Smoothing is used in calculation.
        • Weighted. Weighted Moving Average (WMA) is used in calculation.
        • Exponential. Exponential Moving Average (EMA) is used in calculation.

        PLOTS

        The plot renders the data you are working with on the chart. You can show/hide a plot by clicking the corresponding item in the settings. Every plot has a set of basic settings that you can change: color, weight, and type.

        PlotDescription
        TSIThe True Strength Index plot
        SignalThe signal line
        ZeroThe zero level
        Color

        Click the color rectangle under the plot's name to open the palette. Use the slider at the bottom to set the opacity of the color.

        Palette

        To create a custom color:

        1. Clickto open the color picker
        2. By using the slider at the bottom, adjust the main color
        3. Then, set a shade for the main color on the palette

        The custom-created colors are added to your palette. To remove a custom color, drag it out of the palette.

        Weight
        Change the value (in px) to adjust the thickness of the plot.
        Type
        The following plot types are available:
        • Linear. The plot is displayed as a line.
        • Column. The plot is displayed as a histogram.
        • Difference. The plot is displayed as a line which represents the difference between High and Low prices of the bar.
        • Points. The plot is displayed as points.
        • Text above candle. The plot is displayed as the price labels above candles on the chart.
        • Text below candle. The plot is displayed as the price labels below candles on the chart.
        • Triangle above candle. The plot is displayed as triangles above candles on the chart.
        • Color candle. The candles on candle-type charts are highlighted with specified colors.

        OVERLAYING

        Check Overlaying to display the indicator on the chart. Otherwise, the indicator is shown in a study pane down below.

        Note: To reset the settings, click Restore to Default next to the SETTINGS: INDICATOR'S TITLE
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