[blackcat] L1 M.H. Pee Trend Intensity Index (TII)Level: 1
Background
M.H. Pee developed the Trend intensity index (TII) indicator to measure the strength of a trend in the market.
Function
In this pine script, it uses the current 55-bar moving average for the measurements. TII looks at the proportion of prices of prior 34 bars being above or below today’s 55-bar moving average. The purpose of the TII indicator’s measurements is to gauge the future price trend movement.
The TII indicator takes today’s 55-bar moving average and each bar’s deviation (close – average). Up deviations give a positive amount while the downside deviations give negative amounts.
Up = close – average
Down = average- close
Then, the trend intensity index is the percentage of the total up amount out of the total up and down amounts. The formula is:
Trend intensity index (TII) = {total up / (total up + total down)} × 100
I use alma() plus hma() to filter out noise signal.
Inputs
Price --> Price source as input.
AvgLength --> Length input for the moving average for the TII measurements.
DevCalcLength --> Length input for bar’s deviation.
Key Signal
TII --> TII output signal
Remarks
This is a Level 1 free and open source indicator.
Feedbacks are appreciated.
Indicator
