Description
The True Strength Index study is a variation of the Relative Strength Index (RSI). Unlike the RSI, this study uses double smoothing: a short average of a longer one. This type of smoothing is applied to both one-bar momentum of the close price and its absolute value. The final result is equal to percent ratio between the two values.
Buy and Sell signals are indicated at crossovers of the primary plot with its average.
Input Parameters
| Parameter | Description |
|---|---|
long length
|
The number of bars used to calculate the long average. |
short length
|
The number of bars used to calculate the short average. |
signal length
|
The number of bars used to calculate the average for the signal plot. |
average type
|
Defines the type of average used in calculations of primary and signal plots: simple, exponential, weighted, Wilder's, or Hull. |
Plots
| Plot | Description |
|---|---|
TSI
|
The primary True Strength Index plot. |
Signal
|
The signal plot, average of True Strength Index. |
ZeroLine
|
The zero level. |
Example*
*For illustrative purposes only. Not a recommendation of a specific security or investment strategy.