Script based on True Strength Index (TSI) and RSI
A technical momentum indicator that helps traders determine overbought and oversold conditions of a security by incorporating the short-term purchasing momentum of the market with the lagging benefits of moving averages. Generally a 25-day exponential moving average (EMA) is applied to the difference between two...
This is the base Tradingview TSI indicator but with the WMA (weighted moving average) versus the base EMA. CME_MINI:ES1! CME_MINI:NQ1! CBOT_MINI:YM1! CME:E61!
Here is an example of a script showing a multi-time frame of TSI.
Chart below compares FX EURUSD Daily TSI to 1H TSI
Here is an updated version
study("True Strength Indicator MTF", shorttitle="TSI MTF")
resCustom = input(title="Timeframe", type=resolution, defval="60" )
long = input(title="Long Length", type=integer, defval=25)
short = input(title="Short...
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.
![USOIL: [RRM] Nostradamus](https://s3.tradingview.com/b/BM9ddt7i_mid.png "[RRM] Nostradamus")
