This script uses a combination of modified TSI and RSI conditions produce Buy/Sell/Hold signals. Similar to Elder's Impulse, when a buy signal is met, bars turn blue. When a sell signal is met, bars turn Pink. When signals are mixed, bars turn grey. Depending on direction of trend, gray bars can be considered "Hold" or take profit signals. You can change the parameters of TSI or RSI to preference. Also embedded in the script is the ability to add exponential moving average filter for additional conditions if you have some know how with coding.
Note di rilascio
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I cleaned up the titles for inputs so that you can better understand what you are changing, and added the ability to change the parameters in which the system filters out for RSI.
Note di rilascio
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"True relative Movement" or "TRM" for short is a system that combines my two favorite indicators: RSI and TSI. I strived to put together an indicator that combined the best of both in order to help discretionary traders predict market direction, Momentum, Weakness and Strength. Similar to Elder Impulse system, TRM paints bars 3 different colors to display 3 different conditions: Blue for "Buy", Pink for "Sell", and gray for "Take profit/Hold". When the bars turn blue, that means all conditions have been met. When they turn pink, no conditions have been met. When they are gray, only one condition has been met. The system is simple, yet effective. A buy signal is produced when TSI is above the signal line, and RSI is above 50, and vice versa for sell signals. I have modified the default parameters for TSI and RSI for more "aggressive" entries and exits. I may later name this condition "Fast-TRM" and "Slow-TRM" for when default settings for TSI and RSI are applies, as this is a very robust system as well.
**** In this update I embedded a note of what default parameters for TSI and RSI are, if the user wishes to experiment with the "SLOW" version of TRM (Slow-TRM). ****
**** Now there are inputs for the RSI threshold for BUY and SELL conditions. Defaults are both set for 50, but you can for example, change the Buy condition for RSI when it crosses above 55, if you wish for more firm confirmation. You could SOFTEN the sell condition to 45 or 40, so a RSI sell has more room to trigger when crossing below these levels.****
Note di rilascio
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Removed the experimental notes/additional filters.
Note di rilascio
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Update color scheme and directions on using multi-time frame trading for ES_F
DEAR HOW CAN ADD THIS STUDY IN MY SYSTEM? PLS HELP
TraderBenjamin
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Nice work! RolandoSantos
RolandoSantos
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@TraderBen10, Thanks man, still trying to improve it!
AnalysisBOMB
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Very interested is it possible to use it?
RolandoSantos
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@quentindidia, It's free, use away!
TheChartWhisperer2000
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Hi! i really love this study. It's a nice thing to have to compare with Impulse and actually id say even outdoes Elder's impulse. I was trying to see if I could somehow convert the code to be used on thinkorswim, would you have any idea about that?
RolandoSantos
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@TheChartWhisperer2000, Thanks man. I do not have access to TOS atm, but I plan on having it up on TOS in the very near future.
Blackrock_CEO
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well done Thanks
Maximilianned
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Just a quick shout - like this indicator.
For me long, short, and transitional - works well.