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True Strength Index
This study calculates and displays Bill Blau's True Strength Index, also known as the Ergodic indicator. This study calculates 3 lines, the True Strength Index (Ergodic), the True Strength MA (Ergodic Signal Line), and the Oscillator (Difference of TSI and True Strength MA, aka Ergodic Signal Line). Only the first is displayed, but the others can be displayed by going through Settings >> Subgraphs >> Draw Style and changing the setting to anything other than Ignore.
The calculation of the three indicators is identical to those found in the Ergodic study, except that there is no MovAvg Type Input. All moving averages are Exponential Moving Averages in this study.
Inputs
- Input Data
- Long Exponential Moving Average Length
- Short Exponential Moving Average Length
- Multiplier: An optional multiplier can be used for extremely small values.
- Signal Line Moving Average Length
*Last modified Monday, 03rd October, 2022.