MetaTrader 4 True Strength Indicator Download - Free | Forex Indicator Download - MT4/MT5 Resource

The True Strength Index (TSI) is an oscillator in MetaTrader 4 indicator that identifies optimal trend reversals and can also confirm trend continuation patterns. This indicator consists of two moving averages and has a zero center line.

When its curve is above the zero line, it signals an upward trend ; when it is below zero , it signals a downward trend .

Indicator Table

The picture below shows the 5-minute chart of US crude oil with the symbol [WTI] . After forming a major bottom at the $80 price level, the indicator curve turned blue and moved above the zero level , signaling a trend reversal and the beginning of an upward trend .

Likewise, after forming a major top at the $82 price level, the indicator curve turned orange and moved below the zero level , marking the beginning of a downward trend .

Overview

One of the most important aspects of trading is correctly identifying the trend and trading in its direction .

The True Strength Index (TSI) indicator , which utilizes 25 and 13 period moving averages and averages them , can help determine the direction and strength of an upcoming trend . It can be used effectively with other trading strategies .

Uptrend signal (buy position)

The picture below shows the 4-hour price chart of the GBP/USD currency pair. After forming a swing low , the indicator curve moves above the zero level and changes to blue , signaling the start of an upward trend .

Downtrend signal (sell position)

The chart below shows the 30 minute price chart of silver (XAGUSD) . After forming a swing high , the indicator curve turns orange and crosses below the zero level , marking the beginning of a downward trend .

Settings of TSI indicator

• inpPeriod1 : Use slow moving average (MA 25);
• inpPeriod2 : Use fast moving average (MA 13);
• inpPrice : This setting should use [Close Price], based on the closing price.

Note: To make the zero level indicator more visible, you can add it to the (Level) section under the indicator settings. Choose a color that suits your preference for better visibility and confirm settings.

Conclusion

The TSI indicator is suitable for all trading timeframes and trending markets, such as Forex and stocks , and can assist you in evaluating accurate buy and sell signals .

As a beginner, you can use MT4 signals and prediction indicators along with simple support resistance oscillators and trend indicators . At the same time, as an experienced trader, you can incorporate trend direction confirmation into your strategy.