Blau_TSI – indicator MetaTrader 5

Author: Andrey N. Bolkonsky

True Strength Index indicator by William Blau (see Momentum, Direction, and Divergence: Applying the Latest Momentum Indicators for Technical Analysis).

True Strength Index (TSI, q-period smoothed Momentum) – is a normalized Momentum indicator developed by William Blau. The indicator values are normalized and mapped into the [–100,+100] interval.

The positive values of TSI correspond to overbought, the negative values correspond to oversold states of the market.

• WilliamBlau.mqh must be placed in terminal_data_folder\MQL5\Include\
• Blau_TSI.mq5 must be placed in terminal_data_folder\MQL5\Indicators\

Input parameters:

• q – Momentum smoothing period (default q=2);
• r – period of the 1st EMA, applied to Momentum (default r=20);
• s – period of the 2nd EMA, applied to result of the first smoothing (default s=5);
• u – period of the 3rd EMA, applied to result of the second smoothing (default u=3);
• AppliedPrice – price type (by default AppliedPrice=PRICE_CLOSE).
  

Note:

• q>0;
• r>0, s>0, u>0. If r, s or u =1, smoothing is not used;
• Min. rates =(q-1+r+s+u-3+1).