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True Strength Index

The True Strength Index indicator for MT4 detects accurate overbought and oversold market conditions. With the TSI Indicator MT5, traders can make informed decisions based on the price momentum of the market.

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Description

The True Strength Index (TSI) indicator for MT4 is a momentum indicator developed by Williams Blau to determine the most likely trend exhaustion zones of instruments in the financial market. Simply put, it spots probable overbought and oversold zones for potential trend reversal trading opportunities.

Furthermore, the indicator is also an incredible tool for identifying bullish and bearish divergences of the price, which suggests a possible exhaustion of the trend. Therefore, it helps traders identify zones of potential trend reversal.

Features of the True Strength Index Indicator for MT4

The indicator is an oscillating tool with a single line that moves on a separate window below the main chart. It is calculated using a doubled-smoothed Exponential Moving Average (EMA), which smooths the momentum of price changes.

The indicator’s line above the +25 level suggests overbought conditions, while the line below the -25 level depicts oversold conditions. Thus, the line above the +25/-25 levels indicates a decline or weakness in the strength of a bullish/bearish trend, signaling a likely trend exhaustion and a potential change in market direction.

However, the indicator is recommended to be used with price action/other technical indicators to enhance better market analysis and trading decisions.

Benefits of Using the Indicator

  • Overbought/Oversold Condition: The TSI indicator helps traders identify optimal overbought and oversold conditions for potential trend reversal opportunities.
  • Early Trend Reversal Signal: Traders can use the indicator to identify the possible beginning of a trend. For instance, when the TSI line crosses above the -25 from below to the upside, it can suggest the start of a bullish trend.

Indicator Settings Description

The indicator comes with the following customizable settings:

First smoothing period: Determines the initial EMA period for smoothing price changes.

Second smoothing period: Determines the secondary EMA period to further smooth price changes.

Overbought: Determines the indicator’s overbought level.

Oversold: Determines the indicator’s oversold level.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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