True strength index MT4 indicator (TSI)

True strength index MT4 indicator (TSI) is a momentum indicator developed by William Blau. This indicator is based on the double smoothing of price changes. TSI fluctuates between the positive and negative territories, and the centreline of the indicator defines the overall bias. This indicator is useful for determining the oversold and overbought conditions in the market, and it also warns the weakening of the trend through the divergence. It also indicates the direction of the future trend via the centerline crossovers.

tag: TSI

Platform: Metatrader 4

Download link: At the end of the post.

Introduction- True strength index MT4 indicator

True Strength Index AKA TSI is a momentum indicator developed by William Blau. If you like to know more about the work of Williams Blau, we suggest you read his book “Momentum, Direction and Divergence.”

This indicator is based on the double smoothing of price changes. TSI fluctuates between the positive and negative territories, and the centreline of the indicator defines the overall bias. This indicator is useful for determining the oversold and overbought conditions in the market, and it also warns the weakening of the trend through the divergence. It also indicates the direction of the future trend via the centerline crossovers.

When the TSI is positive, it indicates strong bullish momentum, and when the TSI is negative, it indicates a strong bearish momentum in the market. This indicator quickly captures a sustained move in the market in one direction or the other, which makes it unique.

TSI indicator is based on the price movements, so the overbought and oversold levels will vary by the currency that is being traded. Some currency pairs reach the +40 and -40 levels before tending to see the price reversals, while others reverse near the +10 and -10 levels. We suggest you mark the extreme levels on the chart, to see where the oversold and overbought levels are.

When the price reaches the overbought level, it does not mean that it is a sell signal. Likewise, when the currency price is at the oversold level, it does not necessarily mean that it is time to buy. Because, sometimes, strong market prices tend to stay at the overbought and oversold area. This is the exact same reason why we always recommend not to use any single indicator standalone. It is always suggested to pair an indicator with other recommended indicators to generate accurate trading signals.

Screenshot

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Input set up

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Download True strength index MT4 indicator for free

Download Here

How To Install Custom MT4 Indicators On Mt4 (6 Simple Steps)

Step 1: Download The Indicator To Your Computer

Step 2: Go To Your Mt4 Trading Platform And Click “Open Data Folder”

Step 3: Click open the “MQL4” folder

Step 4: Click Open the “Indicators” Folder

Step 5: Paste The Custom MT4 Indicator Into The “Indicators” Folder

Step 6: Close Your MT4 Trading Platform And Then Restart It

keyword: forex mt4 indicator free download, true strength index (tsi), how to use true strength indicator, true strength index mt4

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