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 Investor/RT Tour ( more on Technical Indicators )
True Strength Index
The Formula . . . 

. . .more on Formulas 
TSI = NUM / DEN
where
NUM = MA(MA(Mom, Exp, Long, m), Exp, n)
DEN = MA(MA(AbsMom, Exp, Long, m), Exp, n)
Mom = PRICE - PRICE.1
AbsMom = ABS(PRICE - PRICE.1)
m = Long Term
n = Short Term
 
The Presentation . . . 

. . . more on Charts 

True Strength Index

Above is a 5 Minute Bar Chart of America Online (AOL).  The bold blue line in the lower window pane represents the true strength index, as specified in the preferences below.
 
The Preferences . . . 

. . . more on Preferences 

True Strength Index Preferences

  • Short Term - Second Period used in the double exponential smoothing of momentum.

  • Long Term - First Period used in the double exponential smoothing of the momentum.

  • Price - Price used as input for the calculations seen above.

  • Line Color - Color of the TSI line in the chart.
 
The Description . . .
True Strength is a variation of the Relative Strength indicator. It uses a double smoothed exponential moving average of price momentum to eliminate choppy price changes and spot trend changes. This indicator has little or no time lag. An increasing True Strength value indicates increasing momentum in the direction of price movement.