Shadow True Strength Index oscillator with two signal lines (TSI shadows).
It has ten adjustable parameters:
Price source – calculation price of the source data, on which TSI (*) is calculated
Price source period – calculation period of the source data, on which TSI (*) is calculated
First smoothing period – primary smoothing period
Second smoothing period – secondary smoothing period
First shadow period – first signal line calculation period
First shadow method – first signal line calculation method
Second shadow period – second signal line calculation period
Second shadow method – second signal line calculation method
Overbought – overbought level
Oversold – oversold level
Calculations:
TSI = 100.0 * UDM2 / ADM2
Shadow1 = MA(TSI, First shadow period, First shadow method)
Shadow2 = MA(Shadow1, Second shadow period, Second shadow method)
where:
UDM2 = EMA(UDM1, Second smoothing period)
ADM2 = EMA(ADM1, Second smoothing period)
UDM1 = EMA(UDM, First smoothing period)
ADM1 = EMA(ADM, First smoothing period)
* Source data for TSI calculation:
unlike indicator TSI calculated on the Close price, the calculations here are based on prices of the simple moving average (SMA) featuring both calculation prices and a timeframe. If SMA’s Price source period is 1, the TSI line of the indicator fully coincides with the line of indicator TSI. In case of the high values of the Price source period, the TSI line is smoothed.
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