Indicator: True Strength Index by LazyBear

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.

List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970

Open-source script

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.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?

//
// @author LazyBear
// @credits http://en.wikipedia.org/wiki/True_strength_index
// 
study(title = "True Strength Index [LazyBear]", shorttitle="LB_TSI", overlay=false)
r=input(25, title="Momentum Smoothing 1")
s=input(13, title="Momentum Smoothing 2")
src=close
m=src-src[1]
tsi=100*(ema(ema(m,r),s)/ema(ema(abs(m), r),s))
ul=hline(25)
ll=hline(-25)
fill(ul,ll)
plot(tsi, color=red)