True Strength Indicator + Realtime Divergences

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True Strength Indicator (TSI) + Realtime Divergences + Alerts + Lookback periods.

This version of the True Strength Indicator adds the following 5 additional features to the stock TSI by Tradingview:

- Optional divergence lines drawn directly onto the oscillator in realtime.
- Configurable alerts to notify you when divergences occur, as well as when the TSI and lagline bands crossover one another, when the oscillator begins heading up, or heading down.
- Configurable lookback periods to fine tune the divergences drawn in order to suit different trading styles and timeframes.
- Background colouring option to indicate when the two TSI bands, the TSI line and the TSI lagline, have crossed one another, either moving upwards or downwards, or optionally when the two TSI bands have crossed upwards and an external oscillator, which can be linked via the settings, has crossed above its centerline, and the TSI bands have crossed downwards and the external oscillator has crossed below its centerline.
- Alternate timeframe feature allows you to configure the oscillator to use data from a different timeframe than the chart it is loaded on.

This indicator adds additional features onto the stock TSI by Tradingview, whose core calculations remain unchanged, although this version has different settings as default to suit a shorter time period (it uses 6, 13, 4 by default, whereas the stock TSI typically ships with higher values, e.g. 25, 13, 13). Namely the configurable option to automatically, quickly and clearly draw divergence lines onto the oscillator for you as they occur in realtime. It also has the addition of unique alerts, so you can be notified when divergences occur without spending all day watching the charts. Furthermore, this version of the TSI comes with configurable lookback periods, which can be configured in order to adjust the sensitivity of the divergences, in order to suit shorter or higher timeframe trading approaches.

The True Strength Indicator

Tradingview describes the True Strength Indicator as follows:

“The True Strength Index (TSI) is a momentum oscillator that ranges between limits of -100 and +100 and has a base value of 0. Momentum is positive when the oscillator is positive (pointing to a bullish market bias) and vice versa. It was developed by William Blau and consists of 2 lines: the index line and an exponential moving average of the TSI, called the signal line. Traders may look for any of the following 5 types of conditions: overbought, oversold, centerline crossover, divergence and signal line crossover. The indicator is often used in combination with other signals..”

What are divergences?

Divergence is when the price of an asset is moving in the opposite direction of a technical indicator, such as an oscillator, or is moving contrary to other data. Divergence warns that the current price trend may be weakening, and in some cases may lead to the price changing direction.

There are 4 main types of divergence, which are split into 2 categories;
regular divergences and hidden divergences. Regular divergences indicate possible trend reversals, and hidden divergences indicate possible trend continuation.

Regular bullish divergence: An indication of a potential trend reversal, from the current downtrend, to an uptrend.
Regular bearish divergence: An indication of a potential trend reversal, from the current uptrend, to a downtrend.
Hidden bullish divergence: An indication of a potential uptrend continuation.
Hidden bearish divergence: An indication of a potential downtrend continuation.

Setting alerts.

With this indicator you can set alerts to notify you when any/all of the above types of divergences occur, on any chart timeframe you choose.

Configurable lookback values.

You can adjust the default lookback values to suit your prefered trading style and timeframe. If you like to trade a shorter time frame, lowering the default lookback values will make the divergences drawn more sensitive to short term price action.

How do traders use divergences in their trading?

A divergence is considered a leading indicator in technical analysis , meaning it has the ability to indicate a potential price move in the short term future.

Hidden bullish and hidden bearish divergences, which indicate a potential continuation of the current trend are sometimes considered a good place for traders to begin, since trend continuation occurs more frequently than reversals, or trend changes.

When trading regular bullish divergences and regular bearish divergences, which are indications of a trend reversal, the probability of it doing so may increase when these occur at a strong support or resistance level . A common mistake new traders make is to get into a regular divergence trade too early, assuming it will immediately reverse, but these can continue to form for some time before the trend eventually changes, by using forms of support or resistance as an added confluence, such as when price reaches a moving average, the success rate when trading these patterns may increase.

Typically, traders will manually draw lines across the swing highs and swing lows of both the price chart and the oscillator to see whether they appear to present a divergence, this indicator will draw them for you, quickly and clearly, and can notify you when they occur.

Disclaimer: This script includes code from the stock TSI by Tradingview as well as the Divergence for Many Indicators v4 by LonesomeTheBlue
Sürüm Notları:
- Increased the default pivot period which influences the form of the divergences drawn, with the aim of identifying more useful divergences.
- Added configurable settings to automatically adjust the pivot period when loaded on up to 4 different chart timeframes to better suit those timeframes, by default it is set to automatically adjust the pivot period on 5min, 15min, 1hr and 4hr charts.
- Changed the shorttitle to 'TSI+'
Sürüm Notları:
- Added full indicator name, symbol info and timeframe to chart to comply with house rules.
- Presented on a naked chart to comply with house rules
- Trimmed whitespace at end of file
Sürüm Notları:
- Updated the screenshot to use Japanese candles instead of Heikin Ashi candles to comply with Tradingview rules
Sürüm Notları:
Added a tooltip to exaplain this indicator uses non-standard length settings (6, 13, 4) suited to the lower timeframes, and supplied details of the standard settings for reference. (25, 13, 13)
Sürüm Notları:
- Diabled the upper and lower range bands by default
- Disabled the background color by default
- Enabled the Only Show Last divergence option by default
- Altered the styling of the centerline from dashed to dotted by default
Sürüm Notları:
- Added better Band Crossover Dots signals that paint on the TSI line itself, instead of at the bottom of the panel, with coloring and size options
Sürüm Notları:
- Removed the external indicator and related background coloring options since it was not clear and had limited use.
- Added a centerline crossover background coloring option. Disabled by default.
- Increased the opacity of the default background color to make it more clearly visible.
Sürüm Notları:
- Refactored settings menu
Sürüm Notları:
- Updated the divergence drawing code to use Heikin Ashi OHLC values when Heikin Ashi mode is enabled
Sürüm Notları:
- Added a fadeout crossover dots option to gradually fade out the crossover dots the further back in history they get in order to reduce the visual noise.
- Added ability to customise the colours of the crossover dots.
- Enabled Crossover dots and related fadeout crossover dots option by default.
Sürüm Notları:
- Updated chart image
Sürüm Notları:
- Added a fade out feature into the settings for the crossover dots and the oscillator itself, which optionally fades out all but the most recent section of the oscillator to reduce visual noise on the chart.
Sürüm Notları:
- Corrected typo in tooltip
Sürüm Notları:
- Added a 'Flip oscillator' feature into the settings for use with the Tradingview 'Flip chart' (Alt+i) feature, so both the chart and the oscillators can be flipped upside down to help see the opposite scenario for traders who have too one-sided a bias.
Sürüm Notları:
- Added a 'flipped' warning label to the oscillator panel to show when the osc is flipped.
Sürüm Notları:
- Removed the unused source input option from pivot period settings.
Sürüm Notları:
- Updated alerts so they only trigger once per divergence instance, and not if the following bar reprints the same divergence.
- Added alert that will alert any type of divergence in a single alert.
Sürüm Notları:
- Enabled the auto adjust pivot period and reset the general pivot period back to 12.
Sürüm Notları:
- Reorganised settings menu
Sürüm Notları:
- Added a background color option.
- Improved the 'tsi bands crossunder' and 'centerline crossunder' background colouring settings.
- Updated default background colours.
Sürüm Notları:
- Reorganised background colours
Sürüm Notları:
- Added a 'Crossover label' feature which paints a green dot in the bottom right corner of the panel when the TSI band crosses above the TSI lagline band, and a red dot when the TSI band crosses under the TSI lagline band. It represents the same signal as the crossover dots plotted on the oscillator itself, an alternative presentation of the bands status without placing dots on the oscillator line.
Sürüm Notları:
- Minor modification to the TSI band crossover label.
Sürüm Notları:
- Added customisable primary and secondary colors for the TSI, colours can be adjusted under the 'Styles' section of the settings menu.
Sürüm Notları:
- Corrected the cloud color to use custom colours.
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