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This True Strength Index indicator may be used together with above mentioned Trend Detection Index.
Please find some variations of this indicator written by russians.
TSI indicator is based on the book:
Momentum, Direction, and Divergence, William Blau, series editor Perry J. Kaufman.
This one I needed to rename : it was described by Jose Cruset in the attached document but since he calls it a Trend Strength and since there is already an indicator for metatrader with that name (different calculation behind it) I renamed it to MasTrend.
The idea is simple : compare a price to a series of moving averages. For more details about it (not just about it) please read the attached document by Jose Cruset. In general, values above 60 and below -60 are considered as strong trend.
Last edited by mladen; 08-27-2009 at 08:37 PM.
Reason: typos