True Strength Index: Free TradingView Indicator (Pine Script)

Add It to Your TradingView Chart

1Copy the scriptPress Copy script above, or the copy button on the code below.
2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.

Source Code

60 lines of Pine Script v4 from oscillators/tsi_true_strength_index.pine, published under GPL-3.0. Keep the author's credit and licence lines when you reuse it.

tsi_true_strength_index.pine

//@version=4
// Copyright (c) 2021-present, Alex Orekhov (everget)
// True Strength Index (TSI) script may be freely distributed under the terms of GPL-3.0 license.
study("True Strength Index", shorttitle="TSI")

longLength = input(title="Long Length", type=input.integer, defval=25)
shortLength = input(title="Short Length", type=input.integer, defval=13)
signalLength = input(title="Signal Length", type=input.integer, defval=13, minval=1)
src = input(title="Source", type=input.source, defval=close)

obLevel = input(title="Overbought Level", type=input.integer, defval=40)
osLevel = input(title="Oversold Level", type=input.integer, defval=-40)
maxLevel = input(title="Max Level", type=input.integer, defval=75)
minLevel = input(title="Min Level", type=input.integer, defval=-75)
showHistogram = input(title="Show Histogram ?", type=input.bool, defval=false)
highlightBreakouts = input(title="Highlight Overbought/Oversold Breakouts ?", type=input.bool, defval=true)
highlightCrossovers = input(title="Highlight TSI/Signal Crossovers ?", type=input.bool, defval=true)
highlightZeroCrossovers = input(title="Highlight Zero Line Crossovers ?", type=input.bool, defval=true)
applyRibbonFilling = input(title="Apply Ribbon Filling ?", type=input.bool, defval=true)

mom = change(src)
numerator = ema(ema(mom, longLength), shortLength)
denominator = ema(ema(abs(mom), longLength), shortLength)
tsi = 100 * numerator / denominator
signal = ema(tsi, signalLength)

trendColor = tsi > signal ? #0ebb23 : color.red
tsiColor = applyRibbonFilling ? trendColor : #ff3e7d
signalColor = applyRibbonFilling ? trendColor : #3c78d8

tsiPlot = plot(tsi, title="TSI", color=tsiColor, transp=0)
signalPlot = plot(signal, title="Signal", color=signalColor, transp=0)

hist = tsi - signal
histColor = hist >= 0 ? hist[1] < hist ? #26A69A : #B2DFDB : hist[1] < hist ? #FFCDD2 : #EF5350
plot(showHistogram ? hist : na, title="Histogram", style=plot.style_columns, color=histColor, transp=0)

var color noneColor = color.new(color.white, 100)

maxLevelPlot = hline(maxLevel, title="Max Level", linestyle=hline.style_dotted, color=noneColor)
obLevelPlot = hline(obLevel, title="Overbought Level", linestyle=hline.style_dotted, color=#00796b)
hline(0, title="Zero Level", linestyle=hline.style_dotted, color=#989898)
osLevelPlot = hline(osLevel, title="Oversold Level", linestyle=hline.style_dotted, color=#f57f17)
minLevelPlot = hline(minLevel, title="Min Level", linestyle=hline.style_dotted, color=noneColor)
fill(obLevelPlot, osLevelPlot, title="Middle Zone", color=color.purple, transp=95)

obFillColor = tsi > obLevel and highlightBreakouts ? color.green : noneColor
osFillColor = tsi < osLevel and highlightBreakouts ? color.red : noneColor

fill(maxLevelPlot, obLevelPlot, title="Overbought Level Breakout", color=obFillColor, transp=85)
fill(minLevelPlot, osLevelPlot, title="Oversold Level Breakout", color=osFillColor, transp=85)

fillColor = applyRibbonFilling ? trendColor : noneColor
fill(tsiPlot, signalPlot, title="Ribbon", color=fillColor, transp=70)

zeroCrossBgColor = highlightZeroCrossovers ? (tsi > 0 ? color.green : color.red) : noneColor
bgcolor(zeroCrossBgColor, title="Zero Line Crossover Background", transp=90)

plotshape(highlightCrossovers and crossover(tsi, signal) ? tsi : na, title="TSI/Signal Crossover", location=location.absolute, style=shape.circle, size=size.tiny, color=color.green, transp=0)
plotshape(highlightCrossovers and crossunder(tsi, signal) ? tsi : na, title="TSI/Signal Crossunder", location=location.absolute, style=shape.circle, size=size.tiny, color=color.red, transp=0)

Overview

True Strength Index plots the TSI line alongside an EMA signal line and an optional difference histogram in a separate pane. Visual elements include optional ribbon filling between lines, circle markers on line crossovers, background tinting based on zero-line crosses, and zone fills when entering overbought or oversold territories. Users can customize the smoothing lengths, signal period, source price, and horizontal boundary levels.

Double smoothed momentum oscillator
Configurable signal line and optional histogram
Overbought and oversold breakout highlights
TSI and signal line crossover marker shapes
Zero-line crossover background coloring

Details

Published by

everget on GitHub

Type

Indicator, Pine Script v4

Draws

Separate pane below the chart

Markets

Any symbol

Timeframes

Any timeframe

Risk Notes

No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.

File

oscillators/tsi_true_strength_index.pine

Repository

github.com/everget/tradingview-pinescript-indicators. See its other scripts in the library

Topics

pinepinescripttechnical-indicatorsindicatorsoscillatorbandsaveragetradingviewindicatormoving-average

Settings

The inputs you can change from the gear icon on the chart. Defaults are the author's.

Setting	Type	Default	Variable
Long Length	`int`	`25`	`longLength`
Short Length	`int`	`13`	`shortLength`
Signal Length	`int`	`13`	`signalLength`
Source	`source`	`close`	`src`
Overbought Level	`int`	`40`	`obLevel`
Oversold Level	`int`	`-40`	`osLevel`
Max Level	`int`	`75`	`maxLevel`
Min Level	`int`	`-75`	`minLevel`
Show Histogram ?	`bool`	`false`	`showHistogram`
Highlight Overbought/Oversold Breakouts ?	`bool`	`true`	`highlightBreakouts`
Highlight TSI/Signal Crossovers ?	`bool`	`true`	`highlightCrossovers`
Highlight Zero Line Crossovers ?	`bool`	`true`	`highlightZeroCrossovers`

Show all 13 settings

Setting	Type	Default	Variable
Apply Ribbon Filling ?	`bool`	`true`	`applyRibbonFilling`

Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.

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