A simple modification of the normal TSI indicator. It adds Bollinger Bands that are based on the TSI values, instead of the price history.
I find this indicator useful on the weekly interval.
I find this indicator useful on the weekly interval.
study("TSI w/BB") length = input(20, minval=1, title="BB Periods") deviations = input(2, minval=0.0001, title="Deviations") long = input(9, minval=1, title="TSI Long") short = input(3, minval=1, title="TSI Short") average = input(50, minval=2, title="SMA Length") TSI = tsi(close, short, long) Std = stdev(TSI, length) Upper = (Std * deviations + (sma(TSI, length))) Lower = ((sma(TSI, length)) - (Std * deviations)) SMA = sma(TSI, average) plot(TSI, color=blue, style=line, linewidth=1) B1 = plot(Upper, color=black, style=line, linewidth=1) B2 = plot(Lower, color=black, style=line, linewidth=1) plot(SMA, color=red, style=line, linewidth=1) fill(B1, B2, color=black, transp=90)