This video introduces the TrueStrengthSqueeze RTX Indicator. The TrueStrengthSqueeze (RTX) Indicator combines the True Strength Index with the Squeeze Indicator. The True Strength Index attempts to show both trend direction and overbought or oversold conditions using double-smoothing of momentum relative to double-smoothing of the absolute value of momentum. The Squeeze Indicator identies when the Bollinger Bands are within the Keltner Channel. Both Bollinger Bands and Keltner Channels center about a moving average of the close with the Bollinger Bands using a multiple of standard deviations and the Keltner Channels using a multiple of Average True Range. The indicator provides options and draw styles for the TSI, the Signal Line, and the Oscillator. The Signal Line is a moving average of the TSI line and the Oscillator is simply the difference between the TSI and the Signal Line. When Squeeze is turned on, dots are draw that reflect when a squeeze in in play. The TSI has a "Wrap" checkbox option which will wrap the 2-color histogram with a 2-color line. TSI values above 25 are typically considered overbought while TSI values below -25 are typically considered underbought. A rising TSI suggests an uptrend while a falling TSI suggests a downtrend.
