This study is a version of Currency Strength Meter, that utilises TradingView's built-in "True Strength Index" (TSI) function. The TSI uses moving averages of the underlying momentum of a financial instrument.
10-Nov-2017 by JustUncleL
- Corrected the weighting on JPY pairs, by dividing their close values by 100 to bring them within 1.0 range of the other pairs.
- Added option to use different Data Source, eg hl2 , hlc3, ohlc4 etc.
- Updated to PineScript version 3.
- Updated variable names to reflect their origin.
- Added max_bars_back=100 parameter to study line. This should prevent "index out depth" errors, which appear to occur at random.
- Added minval/maxval limits to fast and slow.
- Changed order of plots so they show up in alphabetic order in the "Style" parameters of the script.
- Increased default linewidth.
Added with optional Dynamic coloured labels at the end of the Strength lines.
- Improved labelling options.
- Added option to use ATR weighted (default) pair influences in the Strength calculations, the overall results compared with standard calculation though are only minor, but may help in certain situations.
Thank you for sharing your code with us
I would appreciate it very much if you could help me understand you code a bit more