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tan,
Let me post this for Jose. Maybe it will help with the slope idea.
Again, remember to adjust the periods to your liking.
Preston
===================
True Strength Index
===================
---8<---------------------------
{ http://www.metastocktools.com }
pdsRoc:=Input("ROC periods",1,252,3);
pdsEma:=Input("EMA periods",1,252,5);
smooth:=Input("smoothing EMA periods",1,252,8);
display:=Input("plot TSI=1, +/- slope signals=2",1,2,1);
TSI:=100*
Mov(Mov(ROC(C,pdsRoc,%),pdsEma,E),smooth,E)/
Mov(Mov(Abs(ROC(C,pdsRoc,%)),pdsEma,E),smooth,E);
SlopeSig:=
If(TSI>Ref(TSI,-1),1,If(TSI<Ref(TSI,-1),-1,0));
0;If(display=2,SlopeSig,TSI)
---8<---------------------------
--- In equismetastock@xxxxxxxxxxxxxxx, "tan ming"
<reminiscenostalgia@xxxx> wrote:
> Hi,
>
> Personally I found the True Strength Indicator presented by Preston
was
> useful. The indicator works great in identifying trend which are
persistent.
> However when theres a upcoming moderate swing trading range, the
indicator
> oscillate between 100 to -100 instead of persist in upper or lower
range.
> The TSI seeks to quantify the trend degree. Perhaps, a indicator
quantifying
> the trading range degree, taking into account of the ampltitude of
swings
> will complement the TSI greatly.
>
> Preston, with regard to your mentioned abt time frame in
determining of
> strength, I fully agree abt it. I use weekly and daily data to
determine the
> trend. Basically I plot MA on weekly data and if the price is
highly the MA,
> I will look for long in the daily. However I found this has a flaw.
Very
> often I encounter large down swing in the daily despite the weekly
is up and
> vice versa. N in the end I got stop out. Anyone ppl wish to
contribute how
> to utilize different timeframe to determine trend?
>
> MG I found your idea on the use of slope extremely useful. Actually
I did
> monitor the slope of MA but didn't quantify it. U mentioned abt
this idea
> didn't perform as well in the market. What is the main set back of
the lack
> of performing? Personally I think there r more ideas on how to
maximise the
> idea od using slope to determine the maturity of trend such as ROC
(which u
> mentioned previously) on the slope.
>
> Many indicators had devised to determining the trend degree. How
abt
> developing indicator to determining the degree of trading range?
>
> Regards.
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