True Strength Index Stock Screener

The True Strength Index is a valuable tool for traders as it offers crucial insights into price momentum, trend strength, and possible reversals . . . It assists in identifying trends, detecting overbought or oversold conditions, and generating timely trade signals

7 minutes

This post focuses on customizable True Strength Index (TSI) factory scans, which can be edited, modified, or rewritten and then scanned using ChartAlert’s native stock screener or technical analysis scanner, namely the Basic Scanner and Advanced Scanner.

Display True Strength Index (TSI) Values

Tags: true strength indicator scanner , true strength indicator settings, true strength index stock screener

List symbols
Add Column TSI(10,5) as TSI chart
Apply to NSE

This scan computes and displays the True Strength Index (TSI) values for all symbols listed on the NSE, considering a 10-period calculation with 5-period smoothing.

OPTION 1

If you wish to observe the TSI values across the last 3 bars, you can include the subsequent lines:

List symbols
Add Column TSI(10,5) as TSI chart
Add Column TSI(10,5) a bar ago as TSI_1
Add Column TSI(10,5) 2 bars ago as TSI_2
Apply to NSE

OPTION 2

Occasionally, a refined TSI is employed. This represents the Exponential Moving Average (EMA) of the TSI, as demonstrated in the provided example. In this instance, the EMA over a 3-period interval of the TSI is calculated and exhibited:

List symbols
Add Column TSI(10,5) as TSI
Add Column EMA(3,TSI(10,5)) as SmTSI chart(c=red)
Apply to NSE

True Strength Index (TSI) in Overbought Zone

Tags: true strength index overbought and declining screener, true strength index overbought and decreasing screener, true strength index overbought screener, true strength index overbought stock screener

List symbols where TSI(10,5) has been above 0.5 for the last 3 bars
Add Column TSI(10,5) as TSI chart
Add Column TSI(10,5) 1 bar ago as TSI_1
Add Column TSI(10,5) 2 bars ago as TSI_2
Apply to NSE

This scan is designed to search for NSE symbols in which the 10-period TSI (with 5-period smoothing) has consistently stayed above 0.5 over the past 3 data points. The scan report will also provide the TSI values for these symbols over the specified period.

OPTION 1

If the goal is to identify symbols where the TSI is solely within the Overbought Zone, the original scan can be modified as shown:

List symbols where TSI(10,5) > 0.5
Add Column TSI(10,5) as TSI chart
Add Column TSI(10,5) 1 bar ago as TSI_1
Add Column TSI(10,5) 2 bars ago as TSI_2
Apply to NSE

True Strength Index (TSI) in Oversold Zone

Tags: true strength index oversold screener, true strength index oversold and improving screener, true strength index oversold and increasing screener, true strength index oversold stock screener

List symbols where TSI(10,5) has been below -0.5 for the last 3 bars
Add Column TSI(10,5) as TSI chart
Add Column TSI(10,5) 1 bar ago as TSI_1
Add Column TSI(10,5) 2 bars ago as TSI_2
Apply to NSE

This scan seeks out NSE symbols where the TSI (True Strength Index) calculated over a 10-period duration with 5-period smoothing has consistently stayed at values lower than -0.5 during the past 3 bars. The scan report will also exhibit the TSI values for the same 10-period (5-period smoothing) duration over the last 3 bars.

OPTION 1

To identify symbols where the TSI is exclusively positioned within the Oversold Zone, you can modify the initial scan as outlined below:

List symbols where TSI(10,5) < -0.5
Add Column TSI(10,5) as TSI chart
Add Column TSI(10,5) 1 bar ago as TSI_1
Add Column TSI(10,5) 2 bars ago as TSI_2
Apply to NSE

Overbought with a Declining True Strength Index (TSI)

Tags: true strength index overbought and declining screener, true strength index overbought and decreasing screener, true strength index overbought screener, true strength index overbought stock screener

List symbols where TSI(10,5) has crossed below 0.5 after remaining above for 3 bars
Add Column TSI(10,5) as TSI chart
Apply to NSE

This scan examines patterns in which the 10-period TSI (with a smoothing period of 5) has recently crossed below the 70 level after having remained above it for 3 consecutive periods. The results of this analysis, including the 10-period TSI with a 5-period smoothing, are presented in the output scan report.

Oversold with an Improving True Strength Index (TSI)

Tags: true strength index oversold screener, true strength index oversold and improving screener, true strength index oversold and increasing screener, true strength index oversold stock screener

List symbols where TSI(10,5) has crossed above -0.5 after remaining below for 3 bars
Add Column TSI(10,5) as TSI chart
Apply to NSE

This scan aims to identify instances where the 10-period TSI with 5-period smoothing has recently crossed above a certain value (-0.5) after having remained below it for 3 consecutive time periods. The scan report displays the 10-period TSI with 5-period smoothing.

True Strength Index Moving Average Bullish Crossover

Tags: true strength index moving average crossover bullish

List symbols where TSI(10,5) has crossed above EMA(3,TSI(10,5)) after remaining below for 3 bars
Add Column TSI(10,5) as TSI
Add Column EMA(3,TSI(10,5)) as EMA3_TSI chart(c=red)
Apply to NSE

This scan is designed to identify instances in which the 10-period True Strength Index (TSI), smoothed over a 5-period interval, has recently crossed above the 3-period Exponential Moving Average of the TSI. This change occurs after the TSI had been lower than this Moving Average for the preceding 3 periods. The values of both the TSI and the Moving Average are presented in the scan report.

OPTION 1

To alter the type of Moving Average used, you can easily substitute ‘EMA’ with ‘SMA’ for Simple Moving Average, and so forth. In the provided example below, the Simple Moving Average (SMA) is employed. Additionally, this scan solely seeks the occurrence of a crossover event, without concern for the TSI’s position before the crossover transpired.

List symbols where TSI(10,5) has crossed above SMA(3,TSI(10,5))
Add Column TSI(10,5) as TSI
Add Column SMA(3,TSI(10,5)) as SMA_TSI chart(c=red)
Apply to NSE

OPTION 2

Search for a situation where a bullish crossover occurs, even when the TSI (True Strength Index) is positioned below 0. Additionally, calculate the variance between the TSI and its Exponential Moving Average (EMA).

List symbols where TSI(10,5) has crossed above EMA(3,TSI(10,5))
And TSI(10,5) < 0

Add Column TSI(10,5) as TSI
Add Column EMA(3,TSI(10,5)) as EMA_TSI chart(c=red)
Add Column TSI(10,5) - EMA(3,TSI(10,5)) as Diff

Apply to NSE

True Strength Index Moving Average Bearish Crossover

Tags: true strength index moving average crossover bearish

List symbols where TSI(10,5) has crossed below EMA(3,TSI(10,5)) after remaining above for 3 bars
Add Column TSI(10,5) as TSI
Add Column EMA(3,TSI(10,5)) as EMA3_TSI chart(c=red)
Apply to NSE

This scan is designed to identify instances where the 10-period True Strength Index (TSI), which is smoothed over 5 periods, has recently crossed below its 3-period Exponential Moving Average (EMA), after having remained above it for a span of 3 bars. The values of both the TSI and the Exponential Moving Average are provided in the scan’s output report.

OPTION 1

If you wish to use a different kind of Moving Average, you can do so by replacing ‘EMA’ with the desired type, such as ‘SMA’ for Simple Moving Average. In the example below, we have switched to using Simple Moving Average (SMA) instead of EMA. It’s important to note that this scan is only concerned with identifying the crossover event itself, without considering the position of the indicators before the crossover takes place.

List symbols where TSI(10,5) has crossed below SMA(3,TSI(10,5))
Add Column TSI(10,5) as TSI
Add Column SMA(3,TSI(10,5)) as SMA_TSI chart(c=red)
Apply to NSE

OPTION 2

Search for a Bearish crossover while ensuring that the TSI remains above 0. Additionally, calculate the variance between the TSI and its EMA.

List symbols where TSI(10,5) has crossed below EMA(3,TSI(10,5))
And TSI(10,5) > 0

Add Column TSI(10,5) as TSI
Add Column EMA(3,TSI(10,5)) as EMA_TSI chart(c=red)
Add Column TSI(10,5) - EMA(3,TSI(10,5)) as Diff

Apply to NSE

For comprehensive insights into the True Strength Index, including its calculation methodology, effective utilization in trading, applicability to both trading and investing purposes, as well as an exploration of its advantages and limitations as an indicator, click here.

%d bloggers like this: