Tenkan-sen (Conversion Line)

Example

Say the highest high of the last 9 candles is $48.00 and the lowest low is $44.00, so the Tenkan-sen sits at ($48.00 + $44.00) ÷ 2 = $46.00. Unlike an average of closes, it moves only when a new 9-candle high or low prints or an old extreme drops out of the window. That is why it often runs flat for a few candles and then jumps.

Hypothetical numbers, for illustration only.