TCI V2 - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources
Indicator "Trend Confirmation Index"
If we assume that the closing price position within the candlestick contains information whether the trend is strong or weak and whether the trend is strengthening or weakening, then we can calculate the current market state - the Trend Confirmation Index (TCI).
The TCI indicator calculates the average of the closing price positions within the last N candlesticks.
The formula for calculating the closing price position within the candlestick is (CL) / ((HL) / 100)
The indicator has five configurable parameters:
CPP = 100.0 * (closing price - lowest price) / (highest price - lowest price) MA is a moving average with Method calculation type and period calculation period.
Attachment download
📎tci.mq5 (10.69 KB)
Source: MQL5 #20992
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