This is an enhanced TSI. The others I've found on here have generally lacked sufficient settings context and/or alert definitions, so I made this version to address those gaps. In addition to that, I also added a way to plot a user-customizable moving average line of the TSI to better help identify trending conditions across TSI swings.
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Removed YouTube link to inspiration video for updated default settings.
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A fairly minor update that most people wouldn't notice. Added in an option to force the indicator to always retrieve actual price info for the TSI calculation instead of strictly relying on the default behavior of the Pinescript 'open', 'high', 'low', and 'close' type variables (which inherit price data based on the selected chart type, which in some cases (e.g. Heiken Ashi charts) may not be an accurate representation of actual price - especially in large and rapid price swings.
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Added customizable horizontal lines for marking over-bought and over-sold levels
Added new alerts for the TSI crossing the over-bought and over-sold lines
Added new alerts for the TSI crossing the floating moving-average line
You are a star! May GOD bless you abundantly. This tool is like having a favourite toy. I know all the ins and outs off this toy. If you all spend some time studying each aspect that Sam added to the functions you will find your own sweet spot. Thank you very much Sam. God willing my gratitude will not just be in words. I did a coding degree and never mastered it or got a job in that field so when I see a good code like yours I can't help but ark. I looked through many scripts but this is the one that managed to plug the gap in my trading setup. Thanks again.
luther2020
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Thank You for this amazing indicator! Great Job!
sunjie1130
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thank you for the script. It works great
morgendugg
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Thank you for a great oscillator! Are the any alert function call set to bar close?
xmd1979
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cool script, thank you )
dzinepixel
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would be really good if you push the rules. almost figured out although dont know what is the purpose of the histogram. the 50ema cross tsi along with continuation to zero level cross and keep going is good swing situation. ..
SamAccountX
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@dzinepixel, Yeah, I was debating adding an alert for the TSI crossing the moving average. I'll probably add that in sometime in the near future once I determine the exact conditions to check for that. The easiest thing to do would be to simply alert on the TSI crossing the MA in either direction, but I could possibly add additional confluence checks like the TSI crossing below the moving average when the moving average is above the 0 line. I don't want to get TOO crazy with that though as the TSI by nature tends to be a lagging indicator, which means the market could well have made its move before the alert conditions are met.
As to the histogram - some people like it to help spot divergences and smooth out some of the movement of the TSI. That said, I generally don't use it much myself, which is why I made a setting to easily show/hide it.