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
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.