Price Action (TSI)

The Price Action (TSI) algorithm determines trend direction with calculations based on the True Strength Index technical indicator.

TSI Source

Specifies the price source used to calculate the True Strength Index:

• Open - open price

• High - highest price

• Low - lowest price

• Close - closing price

• Hl2 - average of high + low price (H+L/2)

• Hlc3 - average of high + low + close price (H+L+C/3)

• Ohlc4 - average of open + high + low + close price (O+H+L+C/4)

• Hlcc4 - average of high + low + double-weighted close (H+L+C+C/4)

• Vol - ETH: Volume - Ethereum volume

• Vol - ETH: Volume MA - Ethereum volume moving average

Elements of other indicators loaded on the chart can also be set as a Source. This allows the use of Lendal Visualizers as Confluence factors.

Lendal Visualizers as a data source

Higher Timeframe

Specifies the higher timeframe on which TSI is calculated. If a value other than ‘chart’ is set, this will override the Master Higher Timeframe setting in the Confirmation Control section.

The Higher Timeframe trailer analyzes macro trends over 1000 candles at the resolution of the current timeframe in TradingView. The maximum lookback period must be considered when selecting a Higher Timeframe. See the Higher Timeframe Limitations section for details.

TSI Strategy

Specifies if TSI Deviation Period and TSI Std. Deviation will be adjusted manually or set to a short, medium, or long-term preset.

TSI Deviation Period

Specifies the number of lookback periods used to calculate TSI Std. Deviation.

TSI Std. Deviation

Sets the standard deviation used in the TSI trend calculation. Generally, TSI Std. Deviation (sd) should be increased as TSI Deviation Period (p) is increased. e.g. p = 10, sd = 1.9; p = 20, sd = 2; p = 50, sd = 2.1. However, these settings may not suit some assets.

TSI Trending

Sets the index value used to determine if TSI is trending. A TSI trend will occur if this value is exceeded in the positive or negative direction. The current TSI index number can be viewed in the calculations table.

Momentum Smoothing 1

Specifies the amount of smoothing applied to the long EMA values used to calculate TSI.

Momentum Smoothing 2

Specifies the amount of smoothing applied to the short EMA value used to calculate TSI.

Minimum Volatility

Specifies the minimum volatility required for the algorithm to fire signals. Higher values will reduce sensitivity to price fluctuations making signals less frequent, but more reliable. This may prove useful in choppy market conditions.