[blackcat] L1 M.H. Pee Trend Intensity Index (TII)

Level: 1

Background

M.H. Pee developed the Trend intensity index (TII) indicator to measure the strength of a trend in the market.

Function

In this pine script, it uses the current 55-bar moving average for the measurements. TII looks at the proportion of prices of prior 34 bars being above or below today’s 55-bar moving average. The purpose of the TII indicator’s measurements is to gauge the future price trend movement.

The TII indicator takes today’s 55-bar moving average and each bar’s deviation (close – average). Up deviations give a positive amount while the downside deviations give negative amounts.

Up = close – average

Down = average- close

Then, the trend intensity index is the percentage of the total up amount out of the total up and down amounts. The formula is:

Trend intensity index (TII) = {total up / (total up + total down)} × 100

I use alma() plus hma() to filter out noise signal.


Inputs

Price --> Price source as input.
AvgLength --> Length input for the moving average for the TII measurements.
DevCalcLength --> Length input for bar’s deviation.

Key Signal

TII --> TII output signal

Remarks

This is a Level 1 free and open source indicator.

Feedbacks are appreciated.