The True Strength Index (TSI) is a variation of the Relative Strength Index (RSI). The TSI uses a double smoothed exponential moving average of price momentum to eliminate choppy price changes and spot trend changes.
This indicator has a little or no time lag.
The True Strength Index was developed by William Blau and is described in his 1995 book "Momentum, Direction, and Divergence".
Calculation:
PrevPrice = The previous price
EMA = Exponential Moving Average
Inputs:
Short Period = 13
Indicates short time period(the number of days for daily analysis, the number of weeks for weekly analysis, etc.).
Long Period = 25
Indicates long time period(the number of days for daily analysis, the number of weeks for weekly analysis, etc.).
Indicator Type: Momentum