OPEN-SOURCE SCRIPT
Smart Money Index + True Strength Index
The "Smart Money Index + True Strength Index" indicator combines two powerful technical analysis tools, providing traders with a comprehensive view of the market condition. The indicator helps to determine the entry and exit points of positions due to two key components:
Smart Money Index (SMI) – shows when major players begin to actively operate in the market. This allows you to assess where significant trading volumes are concentrated and what trends are being formed at the expense of large participants.
True Strength Index (TSI) – measures the true strength of a trend by determining overbought and oversold levels. This index helps you notice trend reversals in time and make decisions about buying or selling assets.
Visually, the indicator displays two lines: one for SMI and the other for TSI. In addition, there are signal tags for long and short positions, as well as notifications when certain conditions are reached.
Main parameters:
SMI length: defines the averaging period for calculating the Smart Money Index.
SMI threshold: sets the level at which the signal to enter the position is activated.
The lengths of the first and second TSI smoothing: determine the periods for the two averaging steps when calculating the True Strength Index.
Overbought and oversold TSI levels: set the boundaries at the intersection of which buy or sell signals are generated.
This indicator will be an excellent assistant for those who seek to improve their trading strategies based on data on the activity of major players and the real strength of the current trend.https://www.tradingview.com/x/QEc7I9tp/
Smart Money Index (SMI) – shows when major players begin to actively operate in the market. This allows you to assess where significant trading volumes are concentrated and what trends are being formed at the expense of large participants.
True Strength Index (TSI) – measures the true strength of a trend by determining overbought and oversold levels. This index helps you notice trend reversals in time and make decisions about buying or selling assets.
Visually, the indicator displays two lines: one for SMI and the other for TSI. In addition, there are signal tags for long and short positions, as well as notifications when certain conditions are reached.
Main parameters:
SMI length: defines the averaging period for calculating the Smart Money Index.
SMI threshold: sets the level at which the signal to enter the position is activated.
The lengths of the first and second TSI smoothing: determine the periods for the two averaging steps when calculating the True Strength Index.
Overbought and oversold TSI levels: set the boundaries at the intersection of which buy or sell signals are generated.
This indicator will be an excellent assistant for those who seek to improve their trading strategies based on data on the activity of major players and the real strength of the current trend.https://www.tradingview.com/x/QEc7I9tp/
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In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publications is governed by House rules. Bir grafikte kullanmak için favorilere ekleyebilirsiniz.
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Feragatname
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