PURPOSE:This indicator detects early changes in trends and provides confirmation
In particular, the TSI aims to do the following simultaneously:
detect trend changes early
provide a means of trend confirmation -- while still being early in the cycle change
provide an early indication of trend changing away from positive.
EMPI indicates shifts in the following ways (see reference image below)
Positive Shift: fill color red to green
Early Positive Signal: upward green over red (use with caution)
Negative Shift: fill color green to red
Early Negative Signal: in green but with decreasing green (use with caution)
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TSI -- Trend Shift Indicator
Red to Green == BUY
Green to Red == SELL
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Simplification of user interface / options
Reduce the frequency of rapid signal changes.
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User now defines overbought line.
Default 170-180 overbought should work well for 1 and 5 day. The user may set lower (I suggest 140) for 1 month and longer.
User defined Overbought setting defines simple sell signal trigger.
Red X on bottom of indicator should hint at possible reversal.
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Corrected signal x's to properly reflect sell points.
See example IRDM 6M
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NOTICE OF ALTERNATE VERSION
An alternate version of this indicator -- called "Trend Shift Indicator v2.0" -- is now available.
Version 2 is NOT A REPLACEMENT version but an alternate version with a few extra features which may or may not prove useful to you.
Version 1 (this version) will still be the primary script and will updated and supported.
Give v2.0 a try. Suggestions are greatly appreciated. Let me know which you find more helpful. Also, please let me know of any things you find problematic.
Bradford Fournier-Eaton
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Update: - allows smoothing for fewer false signals. -simplified algorithm.
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Simplification.
Allows changing of smoothing factor.
Earlier trend detection. (see the AMD advanced indication of rally on associated chart)
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Simplification
Example on Chart.
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Simplification of visual interface
Removed Hist - Macd of TSI
Added suggested sell signals.
NOTE: IF YOU LIKED THE MACD on TSI then please look at "TREND SHIFT INTIDCATOR STRATEGY v2.0"
Feedback appreciated.
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Simplified user interface
Removed MACD(TSI(time))
If you liked the macd signal, please use "Trend Shift Indicator Strategy V.2.0"
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Improved sell signal tags
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Edit to Sell Signals
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Macd of indicator values plotted in orange simplified interface
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1. updated to include optional early buy/sell signal crosses 2. updated to automatically vary sensitivity based on cycle lengths. 3. updated to be more accurate and signal earlier. 4. updated to allow input price to be smoothed before algorithmic manipulation, (or after)
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Changes:
Auto-adjusting look-back period and ema-lengths based on cycle length.
Highest values plotted above in long, medium, and short look-backs. (see next note)\
Relative height of shaded region is one metric of risk (i.e., highest shaded region in a month would indicate high risk for the intra-monthly trade).
Use orange dotted line crossovers as an early warning -- any discontinuities are due to self-adjusting sensitivity.
Usage:
Cautious Buy: orange crossover 0 Buy: Orange increasing + orange crossover 0 + filled region red and increasing quickly towards 0 Confirmed Buy: Orange line > 0 + filled region red-> blue + blue increasing
Cautious Sell: Orange line decreasing quickly + filled blue decreasing Cautious Sell 2: Blue filled region near max in recent history. (red solid bounding line) Sell: Orange crossunder 0 + decreasing blue
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MAJOR UPDATE
Updates:
Dynamic mid and long-term overbought lines based on previous reversal values and volatility -- they will auto-adjust.
TSI's Macd Histogram shaded in grey for early signal information.
More simple interface for changing macd(tsi) parameters.
Conservative & non-intrusive visual caution marks on indicator (small orange and red crosses) which should be useful for visual scanning.
Customized alertcondition templates.
TSI rarely reaches 500, dashed red line is this value. If your value goes much beyond, consider caution.
Cleaner interface.
To Do
Implement adaptive length for smoothing of TSI and Macd of TSI.
Implement adaptive mid and long-term high based on variance/sd of TSI, not just recent average highs and volatility.
Implement correlation to benchmark to scale overbought risk.
If you have any suggesstions for features. Please let me know. I'd appreciate some feedback.
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I heard your suggestions and have made the appropriate adjustments...
simpler interface
To view macd and hist (of the indicator) simply change the transparency to be > 0. (i.e., default is that macd(tsi) is not shown now)
Thank you very much for this indicator, sir! Just wondering, maybe its possible to add a Long-term Min line, same as Long-term Max? And, there are 2 hidden lines also, black and brown(?), maybe its possible to make them editable, same as other lines in settings? Just to change color and width? Thanks!
avst
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Great indicator! I really liked it. Is it possible to add Long Term max and mid term max lines to exit short? I am seeing only on positive side. If you can add on extremes on negative sides too. extreme over sold. It would be a perfect indicator.
RingTheAlarm
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Great indicator...Thanks!
Nams128
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I’m new to this indicator.... I find it useful even though I don’t honestly know what’s goin on.....what’s the purpose of the macd line....for me it shows how price us moving in the trend?....
TechAnalysisPro
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can I have access please ?
Hociemocie
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This is fantastic for scalping- thanks!!
mago2
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hey can i have access please?
BradfordFournier
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What can I do to improve the code. What would be helpful?
Bradford.