This is an updated script Originally written by @glaz
Description: This study is a version of Currency Strength Meter, that utilises TradingView's built-in "True Strength Index" (TSI) function. The TSI uses moving averages of the underlying momentum of a financial instrument.
Modifications: 10-Nov-2017 by JustUncleL
Corrected the weighting on JPY pairs, by dividing their close values by 100 to bring them within 1.0 range of the other pairs.
Added option to use different Data Source, eg hl2, hlc3, ohlc4 etc.
Updated to PineScript version 3.
Updated variable names to reflect their origin.
Notas de prensa
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Some minor changes.
Added max_bars_back=100 parameter to study line. This should prevent "index out depth" errors, which appear to occur at random.
Added minval/maxval limits to fast and slow.
Changed order of plots so they show up in alphabetic order in the "Style" parameters of the script.
Increased default linewidth.
Notas de prensa
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... Added with optional Dynamic coloured labels at the end of the Strength lines.
Notas de prensa
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... R2.2 by JustUncleL
Improved labelling options.
Added option to use ATR weighted (default) pair influences in the Strength calculations, the overall results compared with standard calculation though are only minor, but may help in certain situations.
@Andydray, It should not repaint, there is some rebuilding on the current candle but no repainting.
Andydray
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@JustUncleL, Thanks for prompt reply & providing a great indicator.
Aerotie
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Hello Sir,
Its really a fantastic indicator. I'm using it very profitbly. Is it possible to add XAU and XAG as well in the list?
And one more question, how did you the get the values 14.29, and divisors of currency pairs like 80, 75, 125, 105. I really appreciate, if you could please reply to me, tried a lot to understand on my own, but no luck...
vrd333
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Dear @JustUncleL, thanks a lot for this amazing code. Can you please let me know how you get this number 14.29/0.1429 in code "sf = uWghts? 14.29 : 0.1429" ? Thanks in advance.
rbelleza
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Can you briefly explain what the impact of the weighted ATR adjustment will have on the TSI? Or HOW is impacts the TSI?
austin99
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Any suggestions for the fast/slow length for 5 minute scalping or is it best to leave it at the default 8 & 24 values?
JustUncleL
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@austin99, Sorry, I cannot suggest anything different, I have not used this indicator on low time frames.
Julian_Sierra_Uribe
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JustUncleL amazing work, thank you so much.
gferraro86
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Dear @JustUncleL I was developing something very similar when I found your code. Congratulations! It's really a great job :)
Thank you for sharing your code with us