Blau_TSI - indicator for MetaTrader 5

Blau_TSI – indicator MetaTrader 5

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The William Blau True Strength Index indicator shows the William Blau true strength index.

It has seven input parameters:

  • Period – calculation period;
  • Applied price – the calculation price;
  • First smoothing period – the initial smoothin period;
  • Second smoothing period – the secondary smoothing period;
  • Third smoothing period – the resulting smoothing period;
  • Upper level – the overbought level;
  • Lower level – the oversold level.

Based on the True Strength Index calculation formula described in the MQL5: Create your own indicator article and on William Blau’s postulate of three-period smoothing, the indicator calculation formula is as follows:

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TSI(Price,Period,fs,ss,ts) = 100 * EMA(EMA(EMA( mtm(Price,Period) ,fs),ss),ts) / EMA(EMA(EMA( |mtm(Price,Period)| ,fs),ss),ts)

where:

mtm(Price,Period) = Price[i] - Price[i-Period+1],
fs - First smoothing period,
ss - Second smoothing period,
ts - Third smoothing period


Blau_TSI – indicator MetaTrader 5
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