The Trend Confirmation Index is an mt5 technical forex indicator for Metatrader 5 that can calculate the market’s current condition.
Traders can also evaluate the overbought (>70) and oversold (<30) market levels when using the Trend Confirmation Index MT5 forex indicator.
The Trend Confirmation Index indicator will catch these properties assuming the close price contained within the candlesticks provides information on whether the trend is strong or weak and whether it gains or loses its strength.
There are five customizable parameters that you can adjust in the indicators settings window:
Period – sets the calculation period
Method – sets the calculation method
Overbought level – sets the overbought level
Oversold level – sets the oversold level
Show actual CPP – whether to show the close price location line (Closing price position) for each candlestick or not (Yes/No)
The Trend Confirmation Index Indicator can be a standalone forex trading tool or an excellent supply to your best-proven trading system or strategy.
How to use Trend Confirmation Index mt5 Indicator
Buy ssignal:
Open long order when the green line of the TCI indicator breaks and hovers above the 50.00 level.
Sell signal:
Open short order when the green color line of the TCI mt5 indicator dips and hovers below the 50.00 level.
Exit buy trade:
Close all buy trades if a bullish trend is active and the green color line of the TCI custom indicator breaks above the 70.00 level (into the overbought market level) or falls below the 50.00 level.
Exit sell trade:
Close all sell trades if a bearish trend is active and the green color line of the TCI custom fx indicator dips below the 30.00 level (into the oversold market level) or surges above the 50.00 level.
Tip: The TCI is created to alert traders to extreme market conditions and shows possible market trends.
How to install the Trend Confirmation Index mt5 Indicator on your Metatrader 5 trading platform?
- Download the mt5 indicator by clicking the “LINK” button at the bottom of this post.
- Copy and paste the Trend Confirmation Index Indicator files into the following folder of your MT5 platform: MQL5 > Indicators.
- You can open to the folders this way: File > Open Data Folder > MQL5 > Indicators (paste files here).
- Restart your Metatrader 4 Client.
- Select the Chart and Timeframe where you want to test the indicator.
- Browse “Custom Indicators” in your Navigator, which is located on the left in your MT5 platform.
- Right-click on trend-confirmation-index-indicator.mq5 and click “Attach to the chart.”
- You can modify settings if you need and then click ok.
- The mt5 indicator is ready and running on the chart.
In the archives, you will find the following Metatrader 5 files included:
- trend-confirmation-index-indicator.mq5
Read More Easy Trend Visualizer Forex Indicator Free Download
