True Strength Index with Levels
### True Strength Index (TSI) with Overstretched Zones & Live Dashboard
A refined, lightweight implementation of William Blau’s **True Strength Index (TSI)** in Pine Script v6, enhanced with visual **Overstretched (OS) zones** and an **at-a-glance real-time metrics dashboard**.
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### Key Features
* **Dual Double-Smoothed Momentum Engine**:
* Utilizes two exponential moving averages applied sequentially to price momentum and absolute price momentum, significantly reducing market noise and false crossovers.
* **Configurable Overstretched (OS) Bands**:
* **Default Levels**: Set at `+35.0` (Upper OS) and `-35.0` (Lower OS).
* **Beyond-OS Visual Shading**: Dedicated fills highlight extreme zones beyond $\pm 35$ where trends are prone to exhaustion, pullback, or explosive continuation.
* **Style Tab Customization**: All lines and fills are exposed directly in TradingView's **Style** tab, allowing custom line thicknesses, dash patterns, and fill opacities.
* **Compact Top-Center Live Readout Box**:
* Displays real-time numerical readings for **TSI**, **Signal**, and **Gap (TSI − Signal)**.
* **Dynamic Polarity Color Coding**: Values automatically switch to vibrant green when positive ($\ge 0$) and red when negative ($< 0$).
* **Adjustable Sizing**: Table text size can be toggled between Tiny, Small, Normal, and Large to fit your workspace.
* **Streamlined 2-Decimal Precision**:
* Keeps the pane and price-scale readouts uncluttered and clear.
---
### How to Use
1. **Centerline (Zero) Crossovers**:
* **TSI crossing above 0**: Confirms positive directional momentum.
* **TSI crossing below 0**: Confirms negative directional momentum.
2. **Signal Line Crossovers & Gap Expansion**:
* Crossovers between the TSI line and its EMA signal indicate shifts in short-term momentum.
* The **Gap** readout tracks expanding momentum (diverging lines) versus weakening momentum (converging lines).
3. **Overstretched (OS) Thresholds**:
* Levels entering the **Upper OS (> +35)** or **Lower OS (< -35)** zones indicate strong, extended trending moves. Look for loss of momentum or TSI hookbacks toward the centerline before timing counter-trend scalps or trailing aggressive profits.
---
### Default Settings
* **Long Length**: 25
* **Short Length**: 13
* **Signal Length**: 13
* **Upper OS Level**: +35.0
* **Lower OS Level**: -35.0
* **Precision**: 2 Decimals
A refined, lightweight implementation of William Blau’s **True Strength Index (TSI)** in Pine Script v6, enhanced with visual **Overstretched (OS) zones** and an **at-a-glance real-time metrics dashboard**.
---
### Key Features
* **Dual Double-Smoothed Momentum Engine**:
* Utilizes two exponential moving averages applied sequentially to price momentum and absolute price momentum, significantly reducing market noise and false crossovers.
* **Configurable Overstretched (OS) Bands**:
* **Default Levels**: Set at `+35.0` (Upper OS) and `-35.0` (Lower OS).
* **Beyond-OS Visual Shading**: Dedicated fills highlight extreme zones beyond $\pm 35$ where trends are prone to exhaustion, pullback, or explosive continuation.
* **Style Tab Customization**: All lines and fills are exposed directly in TradingView's **Style** tab, allowing custom line thicknesses, dash patterns, and fill opacities.
* **Compact Top-Center Live Readout Box**:
* Displays real-time numerical readings for **TSI**, **Signal**, and **Gap (TSI − Signal)**.
* **Dynamic Polarity Color Coding**: Values automatically switch to vibrant green when positive ($\ge 0$) and red when negative ($< 0$).
* **Adjustable Sizing**: Table text size can be toggled between Tiny, Small, Normal, and Large to fit your workspace.
* **Streamlined 2-Decimal Precision**:
* Keeps the pane and price-scale readouts uncluttered and clear.
---
### How to Use
1. **Centerline (Zero) Crossovers**:
* **TSI crossing above 0**: Confirms positive directional momentum.
* **TSI crossing below 0**: Confirms negative directional momentum.
2. **Signal Line Crossovers & Gap Expansion**:
* Crossovers between the TSI line and its EMA signal indicate shifts in short-term momentum.
* The **Gap** readout tracks expanding momentum (diverging lines) versus weakening momentum (converging lines).
3. **Overstretched (OS) Thresholds**:
* Levels entering the **Upper OS (> +35)** or **Lower OS (< -35)** zones indicate strong, extended trending moves. Look for loss of momentum or TSI hookbacks toward the centerline before timing counter-trend scalps or trailing aggressive profits.
---
### Default Settings
* **Long Length**: 25
* **Short Length**: 13
* **Signal Length**: 13
* **Upper OS Level**: +35.0
* **Lower OS Level**: -35.0
* **Precision**: 2 Decimals
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.