RSI - TSI Indicator For ThinkOrSwim

N

Nich76

New member
Can someone help me combine RSI and TrueStrengthIndex into one indicator? I tried to copy/paste into Think Script, but it does not work. I am seeing where RSI crosses above TrueStrengthIndex for an intraday play indicates a call. The opposite is true when RSI crosses below TrueStrengthIndex, this indicated a put. I can put them on the same line in the desktop application, but the mobile version does not allow two indicators to overlap. That is my inspiration to combine them into one indicator that IOS recognizes.
 
@Nich76 Try this:

a.png


Code: 
declare lower;

script normalized {
    input data   = close;
    input Min    = 0;
    input Max    = 100;
    input length = 50;
    def hhData   = Highest(data, length);
    def llData   = Lowest(data, length);
    plot resized = (((Max - Min) * (data - llData)) /
                       (hhData - llData)) + Min;
}

### Relative Strength Index (RSI) ###

input length = 14;
input price = close;
def averageType = AverageType.WILDERS;

def NetChgAvg = MovingAverage(averageType, price - price[1], length);
def TotChgAvg = MovingAverage(averageType, AbsValue(price - price[1]), length);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;

def RSI = 50 * (ChgRatio + 1);

plot x = normalized(RSI);
x.SetDefaultColor(Color.GREEN);
x.SetLineWeight(3);



### True Strength Index (TSI) ###

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

def diff = close - close[1];
def doubleSmoothedAbsDiff = MovingAverage(averageType, MovingAverage(averageType, AbsValue(diff), longLength), shortLength);

def TSI;
#plot Signal;

TSI = if doubleSmoothedAbsDiff == 0 then 0
      else 100 * (MovingAverage(averageType, MovingAverage(averageType, diff, longLength), shortLength)) / doubleSmoothedAbsDiff;
#Signal = MovingAverage(averageType, TSI, signalLength);

#plot ZeroLine = 0;

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

plot y = normalized(TSI);
y.SetDefaultColor(Color.RED);
y.SetLineWeight(3);

Good Luck and Good Trading :cool:
 
Last edited:
netarchitech said:
@Nich76 Try this:

a.png


Code: 
declare lower;

script normalized {
    input data   = close;
    input Min    = 0;
    input Max    = 100;
    input length = 50;
    def hhData   = Highest(data, length);
    def llData   = Lowest(data, length);
    plot resized = (((Max - Min) * (data - llData)) /
                       (hhData - llData)) + Min;
}

### Relative Strength Index (RSI) ###

input length = 14;
input price = close;
def averageType = AverageType.WILDERS;

def NetChgAvg = MovingAverage(averageType, price - price[1], length);
def TotChgAvg = MovingAverage(averageType, AbsValue(price - price[1]), length);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;

def RSI = 50 * (ChgRatio + 1);

plot x = normalized(RSI);
x.SetDefaultColor(Color.GREEN);
x.SetLineWeight(3);



### True Strength Index (TSI) ###

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

def diff = close - close[1];
def doubleSmoothedAbsDiff = MovingAverage(averageType, MovingAverage(averageType, AbsValue(diff), longLength), shortLength);

def TSI;
#plot Signal;

TSI = if doubleSmoothedAbsDiff == 0 then 0
      else 100 * (MovingAverage(averageType, MovingAverage(averageType, diff, longLength), shortLength)) / doubleSmoothedAbsDiff;
#Signal = MovingAverage(averageType, TSI, signalLength);

#plot ZeroLine = 0;

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

plot y = normalized(TSI);
y.SetDefaultColor(Color.RED);
y.SetLineWeight(3);

Good Luck and Good Trading :cool:
Click to expand...
This looks good. I will watch it this coming week to see if my suspicions are true. I had to delete the first line "declare lower;" and I had to delete line 37 "input averageType = AverageType.EXPONENTIAL;" for it to show up. Prior to deleting those lines it would not display on my desktop or IOS (mobile).

I am thinking this will be good for intraday options for entry and exits. I really appreciate your help!
 
Nich76 said:
...I had to delete the first line "declare lower;" and I had to delete line 37 "input averageType = AverageType.EXPONENTIAL;" for it to show up. Prior to deleting those lines it would not display on my desktop or IOS (mobile)...
Click to expand...

@Nich76: I don't have TOS Mobile, so, unfortunately I can't test the code for potential bugs/display issues. I use TOS Desktop, so I went back and debugged the code again. It turns out there was an issue with the AverageType statement at Line 37. I have corrected the issue, so it should work on TOS Desktop. As for TOS Mobile, correcting the AverageType issue and commenting out the Declare Lower statement should display the indicator on your phone, at least that is what I'm hoping :)

If you delete the hashtag I put in front of the Declare Lower statement, you should be able to view the indicator in TOS Desktop as a lower study. If you have a screen-capture program, could you capture what you're looking at...it would be a big help on this end to be able to see the issues you're having. That said, hopefully everything will be working properly negating the need for any further speculative efforts...

Code: 
#declare lower;

script normalized {
    input data   = close;
    input Min    = 0;
    input Max    = 100;
    input length = 50;
    def hhData   = Highest(data, length);
    def llData   = Lowest(data, length);
    plot resized = (((Max - Min) * (data - llData)) /
                       (hhData - llData)) + Min;
}

### Relative Strength Index (RSI) ###

input length = 14;
input price = close;
def averageType = AverageType.WILDERS;

def NetChgAvg = MovingAverage(averageType, price - price[1], length);
def TotChgAvg = MovingAverage(averageType, AbsValue(price - price[1]), length);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;

def RSI = 50 * (ChgRatio + 1);

plot x = normalized(RSI);
x.SetDefaultColor(Color.GREEN);
x.SetLineWeight(3);



### True Strength Index (TSI) ###

input longLength = 25;
input shortLength = 13;
#input signalLength = 8;
input averageType2 = AverageType.EXPONENTIAL;

def diff = close - close[1];
def doubleSmoothedAbsDiff = MovingAverage(averageType, MovingAverage(averageType, AbsValue(diff), longLength), shortLength);

def TSI;
#plot Signal;

TSI = if doubleSmoothedAbsDiff == 0 then 0
      else 100 * (MovingAverage(averageType, MovingAverage(averageType, diff, longLength), shortLength)) / doubleSmoothedAbsDiff;
#Signal = MovingAverage(averageType, TSI, signalLength);

#plot ZeroLine = 0;

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

plot y = normalized(TSI);
y.SetDefaultColor(Color.RED);
y.SetLineWeight(3);

Hope this helps!

Good Luck and Good Trading :cool:
 
netarchitech said:
@Nich76: I don't have TOS Mobile, so, unfortunately I can't test the code for potential bugs/display issues. I use TOS Desktop, so I went back and debugged the code again. It turns out there was an issue with the AverageType statement at Line 37. I have corrected the issue, so it should work on TOS Desktop. As for TOS Mobile, correcting the AverageType issue and commenting out the Declare Lower statement should display the indicator on your phone, at least that is what I'm hoping :)

If you delete the hashtag I put in front of the Declare Lower statement, you should be able to view the indicator in TOS Desktop as a lower study. If you have a screen-capture program, could you capture what you're looking at...it would be a big help on this end to be able to see the issues you're having. That said, hopefully everything will be working properly negating the need for any further speculative efforts...

Code: 
#declare lower;

script normalized {
    input data   = close;
    input Min    = 0;
    input Max    = 100;
    input length = 50;
    def hhData   = Highest(data, length);
    def llData   = Lowest(data, length);
    plot resized = (((Max - Min) * (data - llData)) /
                       (hhData - llData)) + Min;
}

### Relative Strength Index (RSI) ###

input length = 14;
input price = close;
def averageType = AverageType.WILDERS;

def NetChgAvg = MovingAverage(averageType, price - price[1], length);
def TotChgAvg = MovingAverage(averageType, AbsValue(price - price[1]), length);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;

def RSI = 50 * (ChgRatio + 1);

plot x = normalized(RSI);
x.SetDefaultColor(Color.GREEN);
x.SetLineWeight(3);



### True Strength Index (TSI) ###

input longLength = 25;
input shortLength = 13;
#input signalLength = 8;
input averageType2 = AverageType.EXPONENTIAL;

def diff = close - close[1];
def doubleSmoothedAbsDiff = MovingAverage(averageType, MovingAverage(averageType, AbsValue(diff), longLength), shortLength);

def TSI;
#plot Signal;

TSI = if doubleSmoothedAbsDiff == 0 then 0
      else 100 * (MovingAverage(averageType, MovingAverage(averageType, diff, longLength), shortLength)) / doubleSmoothedAbsDiff;
#Signal = MovingAverage(averageType, TSI, signalLength);

#plot ZeroLine = 0;

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

plot y = normalized(TSI);
y.SetDefaultColor(Color.RED);
y.SetLineWeight(3);

Hope this helps!

Good Luck and Good Trading :cool:
Click to expand...
Thank you very much for your help. I watched the indicator today and it performed EXACTLY the way I thought it would. I really appreciate you taking time to help!
 
Nich76 said:
Can someone help me combine RSI and TrueStrengthIndex into one indicator? I tried to copy/paste into Think Script, but it does not work. I am seeing where RSI crosses above TrueStrengthIndex for an intraday play indicates a call. The opposite is true when RSI crosses below TrueStrengthIndex, this indicated a put. I can put them on the same line in the desktop application, but the mobile version does not allow two indicators to overlap. That is my inspiration to combine them into one indicator that IOS recognizes.
Click to expand...
Go to one of your stocks on think or swim using your phone. Tap left side until vertical box appears showing multiple items. Click candle at top left and RSI settings wheel appears. Click on settings wheel. Click on add/edit studies and add what you need.
 
Nich76 said:
Can someone help me combine RSI and TrueStrengthIndex into one indicator? I tried to copy/paste into Think Script, but it does not work. I am seeing where RSI crosses above TrueStrengthIndex for an intraday play indicates a call. The opposite is true when RSI crosses below TrueStrengthIndex, this indicated a put. I can put them on the same line in the desktop application, but the mobile version does not allow two indicators to overlap. That is my inspiration to combine them into one indicator that IOS recognizes.
Click to expand...
What settings are u watching this on?
 
mercheq said:
Go to one of your stocks on think or swim using your phone. Tap left side until vertical box appears showing multiple items. Click candle at top left and RSI settings wheel appears. Click on settings wheel. Click on add/edit studies and add what you need.
Click to expand...
Thanks for the help!
 
Tiredoflosing said:
What settings are u watching this on?
Click to expand...
I was watching it on my desktop, where I can put two or more indicators on the same line. Mobile does not allow you to put two or more indicators on one line. netarchitech was able to help me merge the two. I was trying to use my Thinkscript editor to do this, but I was unable to figure it out.
 
@Nich76 @jay2 : I tried adding alerts, labels and arrows to the RSI-TSI indicator and ended up with a couple of issues needing further work. Unfortunately, the arrows are not plotting properly when switching timeframes and the labels are less than ideally placed. As for the alerts, they seem to be working properly :)

I'm hoping one of the following uTS members and resident Code Wizards, such as @Pensar @halcyonguy @Svanoy @SleepyZ @Joshua (my apologies to others I didn't include) might take a look and possibly offer a potential solution to the arrow plotting issue and/or the label code. Below is the latest code for the indicator and two screenshots illustrating the issues aforementioned.

b.png


c.png


Code: 
declare lower;

def na = Double.NaN;

script normalizer {
    input data   = close;
    input Min    = 0;
    input Max    = 100;
    input length = 50;

    def hhData   = Highest(data, length);
    def llData   = Lowest(data, length);

    plot resized = (((Max - Min) * (data - llData)) /

                       (hhData - llData)) + Min;
}


### Relative Strength Index (RSI) ###

input length = 14;
input price = close;
def averageType = AverageType.WILDERS;

def NetChgAvg = MovingAverage(averageType, price - price[1], length);
def TotChgAvg = MovingAverage(averageType, AbsValue(price - price[1]), length);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;

def RSI = 50 * (ChgRatio + 1);

plot x = normalizer(RSI);
x.SetDefaultColor(Color.GREEN);
x.SetLineWeight(3);


### True Strength Index (TSI) ###

input longLength = 25;
input shortLength = 13;
input averageType2 = AverageType.EXPONENTIAL;

def diff = close - close[1];
def doubleSmoothedAbsDiff = MovingAverage(averageType2, MovingAverage(averageType2, AbsValue(diff), longLength), shortLength);

def TSI;

TSI = if doubleSmoothedAbsDiff == 0 then 0
      else 100 * (MovingAverage(averageType2, MovingAverage(averageType2, diff, longLength), shortLength)) / doubleSmoothedAbsDiff;

plot y = normalizer(TSI);
y.SetDefaultColor(Color.RED);
y.SetLineWeight(3);


def RSICrossAbove = x > y and y < y[1];
def RSICrossBelow = x < y and y > y[1];

AddLabel(yes, "RSI crossed above TSI" , if RSICrossAbove then Color.LIGHT_GREEN else Color.BLACK);
AddLabel(yes, "RSI crossed below TSI" , if RSICrossBelow then Color.PINK else Color.BLACK);

Alert(RSICrossAbove, "RSI crossed above TSI" , Alert.BAR, Sound.Chimes);
Alert(RSICrossBelow, "RSI crossed below TSI" , Alert.BAR, Sound.Chimes);

AddCloud(x,  y,  Color.GREEN,  Color.RED);

# Arrow Snippet courtesy of @lucprokop and @Pensar
# Source: https://usethinkscript.com/threads/offset-plotted-arrows-for-thinkorswim.9195/post-84956

# check if RSI has crossed TSI
def x1u = (x crosses above y);
def x1d = (x crosses below y);

input arrow_size = 4;
input arrow_vertical_factor = 10;
def vert = (ticksize() * arrow_vertical_factor * arrow_size);

# calc vertical placement for arrows
def arrow1up = if !x1u then na else low - 20 * ATR(length = 20, averageType = averageType.SIMPLE);
def arrow1dwn = if !x1d then na else high - 5 * ATR(length = 20, averageType = averageType.SIMPLE);

# plot arrows for crossings
plot pma1xup = if RSICrossAbove then arrow1up else na;
pma1xup.SetPaintingStrategy(PaintingStrategy.ARROW_up);
pma1xup.SetDefaultColor(Color.YELLOW);
pma1xup.hidebubble();
pma1xup.setlineweight(arrow_size);

plot pma1xdwn = if RSICrossBelow then arrow1dwn else na;
pma1xdwn.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
pma1xdwn.SetDefaultColor(Color.YELLOW);
pma1xdwn.hidebubble();
pma1xdwn.setlineweight(arrow_size);

Good Luck and Good Trading :cool:
 
@netarchitech
You are using 'arrow1up' and 'arrow1dn' to plot your arrows. Those variables are assigned values, so the arrows plot at those values. Try either switching to a boolean arrow painting strategy or changing 'arrow1up' and 'arrow1dn' to 'y'.

As for the label, I assume you want it to be on the upper left corner. Use an if statement to show or hide each label. If x is above y then show only the first label, if x is below y then only show the second label.

I'm not home at the moment to write everything out as code, but I think you understand.
 
@Svanoy : Thanks for your time, the swift response and the assistance/suggestions to resolve the issues...I really appreciate it!

I think I do understand...I'll give it a go and report back here with any updates/developments...
 
Nich76 said:
Can someone help me combine RSI and TrueStrengthIndex into one indicator? I tried to copy/paste into Think Script, but it does not work. I am seeing where RSI crosses above TrueStrengthIndex for an intraday play indicates a call. The opposite is true when RSI crosses below TrueStrengthIndex, this indicated a put. I can put them on the same line in the desktop application, but the mobile version does not allow two indicators to overlap. That is my inspiration to combine them into one indicator that IOS recognizes.
Click to expand...
I am not exactly sure how TSI works but the combined study of RSI-TSI created by @netarchitech works very similar to the RSI crossover study by @horserider and even the plots are same if the inputs are similar. I wonder if we need both studies on a chart or they are basically the same thing. Thanks @netarchitech for creating this study.
 
@Svanoy : I would like to think i understand, but, unfortunately, I don't...I spent the day working on 5 different approaches and, in the end, I failed to produce an acceptable solution to the arrow problem...I would be very interested to see your solution, if time and circumstance permit...
 
@ganq : Thanks for the "heads up"...I certainly agree with you, there is no need to have two very similar studies on your charts...

I looked for the RSI Crossover...I found the Ultimate RSI Indicator by @horserider, but failed to see a similarity...Could you post a link so I can take a look at the RSI Crossover? Thanks!
 
Last edited:
@netarchitech
The AddLabel lines would be.
Ruby: 
AddLabel(if x>y then yes else no, "RSI crossed above TSI" , Color.LIGHT_GREEN);
AddLabel(If x<y then yes else no, "RSI crossed below TSI" , Color.PINK);

As for the arrow plots, I missed the "when switching timeframes" in your post. Could you clarify the issue and where you want the arrows to plot?

Also, I question these two lines.
Ruby: 
def RSICrossAbove = x > y and y < y[1];
def RSICrossBelow = x < y and y > y[1];
Why have 'y<y[1]' and 'y>y[1]'?
 
netarchitech said:
@ganq : Thanks for the "heads up"...I certainly agree with you, there is no need to have two very similar studies on your charts...

I looked for the RSI Crossover...I found the Ultimate RSI Indicator by @horserider, but failed to see a similarity...Could you post a link so I can take a look at the RSI Crossover? Thanks!
Click to expand...
I tried searching through my bookmarks but couldn’t find it. You are correct, it’s not the Ultimate RSI. I just have the indicator saved as “horserider”. One change I did do to your RSI-TSI is to make the RSI Moving Average an input and I am using “Hull” which is same as my other study. Will look around to see if I can find the post somewhere.

Edit 1: I stand corrected, it’s the Ultimate RSI:

https://usethinkscript.com/threads/ultimate-rsi-indicator-for-thinkorswim.411/

If you look at Horserider’s first post picture, it’s the 3rd lower study which I am using. Hope that helps.
 
Last edited:
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