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Creator: William Blau
The TSI (True Strength Index) fluctuates around zero.
By smoothing the rate of change of the price, the strength of the trend can be determined. The volatility of the rate of change is measured by smoothing the absolute prices. After dividing the trend by volatility, the True Strength Indicator line is plotted. A signal line is the average line of the TSI line.
When the TSI crosses above the signal line and when the line crosses above the zero line, it indicates a bullish trend.
It indicates a bearish trend when the TSI falls below the signal line and when the TSI line falls below the zero line.
The indicator table value in TradePoint & RZone also provides you with a list of all values of this indicator for any group of stocks. This will allow you to compare the readings of this indicator across different stocks.
This indicator is also available in the System Builder of RZone & TradePoint for all charting methods. Using the system builder, you can develop various strategies based on the different conditions already present in this indicator. Additionally, it can be used with other indicators or price patterns to develop effective trading strategies. For any group of stocks and market segments, you can scan and backtest stocks based on those strategies.
The indicator is applicable to all types of charting. Calculated based on the number of columns on P&F charts, bricks on Renko charts, lines on Line-break charts, candles on Heikin ashi charts, and lines on Kagi charts. While the formula and reading of the indicators remain the same, they become more dynamic on these charts.