The True Strength Index (TSI) Indicator is a popular and useful Forex indicator for the MT4 platform. It is a free, momentum-based oscillator that measures the rate of change of a currency pair’s price over time. The TSI indicator is designed to be used as an aid in determining the trend of a currency pair. It can also be used to identify overbought and oversold conditions. The TSI indicator consists of two components: a fast component and a slow component. The fast component is a short-term moving average of the price, while the slow component is a longer-term moving average of the price. The TSI indicator uses these two components to calculate the rate of change of the price. When the fast component is greater than the slow component, it indicates that the price is increasing. Conversely, when the fast component is less than the slow component, it indicates that the price is decreasing. The TSI indicator is a popular and free indicator that is available on the MT4 platform. It is easy to use and can be a valuable tool for traders looking to gain an edge in the Forex market.
MT4
True Strength Index
The True Strength Index (TSI) is a popular and useful forex indicator that is available for free on the MetaTrader 4 (MT4) trading platform. The TSI is a momentum-based oscillator that measures the rate of change of a security’s price. The indicator is based on two moving averages that are calculated using the close, high, and low prices of the security. The TSI is calculated by subtracting the lower moving average from the higher moving average. It is a great indicator for traders looking to enter or exit positions in the forex market.
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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:
Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.
Open the MT4/5 terminal and click on “File” in the top left corner.
Select “Open Data Folder” from the dropdown menu.
In the window that opens, double-click on the “MQL4/5” folder.
Double-click on the “Indicators” folder.
Drag and drop the indicator file from your computer into the “Indicators” folder.
Close the data folder window and restart the MT4/5 terminal.
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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