True Strength Index: the double-smoothed one-bar change divided by the
double-smoothed size of that change.
Dividing by the smoothed magnitude is what bounds the study to -100..100 and
makes it read as "what fraction of recent movement went one way": a run of
unbroken up bars gives exactly +100 because the numerator and denominator are
then the same series.
True Strength Index: the double-smoothed one-bar change divided by the double-smoothed size of that change.
Dividing by the smoothed magnitude is what bounds the study to -100..100 and makes it read as "what fraction of recent movement went one way": a run of unbroken up bars gives exactly +100 because the numerator and denominator are then the same series.