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True Strength Index with Bollinger Bands


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DonStar's Avatar
 DonStar 
Dallas, TX
 
Experience: Intermediate
Platform: ToS, TradeGuider, eSignal, AmiBroker
Broker: TD Ameritrade/eSignal
Trading: Stocks
Posts: 77 since Dec 2011
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Thanks Received: 43

I am looking for the TSI with its own Bollinger Bands.

It would be like the MACD with Bollinger Bands only using the TSI instead of the MACD.

Need this for the think or swim platform.

Any help I can get it will be greatly appreciated.

Thank you,

Don


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rmejia's Avatar
 rmejia 
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Gave it a shot:

 
Code
declare lower;

# True Strength Index

input longLength = 25;
input shortLength = 13;
input signalLength = 8;
input averageType = AverageType.EXPONENTIAL;

def diff = close - close[1];
plot TSI;
plot Signal;

TSI = (MovingAverage(averageType, MovingAverage(averageType, diff, longLength), shortLength))
    / (MovingAverage(averageType, MovingAverage(averageType, AbsValue(diff), longLength), shortLength)) * 100;
Signal = MovingAverage(averageType, TSI, signalLength);

plot ZeroLine = 0;

TSI.SetDefaultColor(GetColor(1));
Signal.SetDefaultColor(GetColor(8));
Signal.Hide();
ZeroLine.SetDefaultColor(GetColor(5));


# Bollinger Bands

input BbLength = 20;
input BbNum_Dev = 2.0;

plot BB_Upper = reference BollingerBands(price = TSI, length = BBlength, Num_Dev_Dn = -BBNum_Dev, Num_Dev_Up = BBNum_Dev).UpperBand;
plot BB_Lower = reference BollingerBands(price = TSI, length = BBlength, Num_Dev_Dn = -BBNum_Dev, Num_Dev_Up = BBNum_Dev).Lowerband;
plot BB_Midline = reference BollingerBands(price = TSI, length = BBlength, Num_Dev_Dn = -BBNum_Dev, Num_Dev_Up = BBNum_Dev).MidLine;


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Last Updated on December 24, 2014


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