![]() The TL fluctuates as small portions change with prices and differences. The price is better expressed and understood by TL, since TL uses average or closing rates instead of values. The following table illustrates precisely how the Tenkan Line is distinct from the 9SMA. The reason is that price action marks the big ups and downs, but also the turns where a lot of investment is put or mostly where manufacturers have entered and left the market. Hosada claims that market activity and its extremes is more significant than the 9SMA smoothing data (Ikimoku Kinko Hyo inventor). All the data is flattered by a simple moving average (SMA), equating the TL to the highest of the last nine cycles and the lowest. It looks like a 9SMA but it's a little different, really. The Tenkan line is also called the transition or revolving line (TL). ![]()
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