The Trend Confirmation Index is a forex technical indicator for Metatrader 5 that is able to calculate the current condition of the market.
Traders can also evaluate the overbought (>70) and oversold (<30) market levels when using the Trend Confirmation Index MT5 forex indicator.
Assuming the close price contained within the candlesticks provides the information if the trend is strong or weak and whether it gains or losses its strength, the Trend Confirmation Index indicator will catch these properties.
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 used as a standalone forex trading tool or can be a great supply to your best proven trading system or strategy.
How to use Trend Confirmation Index Indicator
Buy entry signal:
Open long order when the green line of the TCI indicator breaks and hovers above the 50.00 level.
Sell entry signal:
Open short order when the green line of the TCI 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 line of the TCI custom indicator breaks above the 70.00 level (into the overbought market level) or falls back below the 50.00 level.
Exit sell trade:
Close all sell trades if a bearish trend is active and the green 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 on extreme market conditions and can also show possible market trends.
How to install the Trend Confirmation Index Indicator on your Metatrader 5 trading plaftform?
- Download the indicator by clicking “LINK” button at the bottom of this post.
- Copy and paste the Trend Confirmation Index Indicator files into following folder of your Metatrader 5 (MT4) platform: MQL5 > Indicators.
- You can gain access to the folders this way: File > Open Data Folder > MQL5 > Indicators (paste files here).
- Restart your Metatrader 4 Client.
- Select Chart and Timeframe where you want to test the indicator
- Browse “Custom Indicators” in your Navigator that is located on the left in your Metatrader 4 platform.
- Right click on trend-confirmation-index-indicator.mq5 and than click “Attach to the chart”.
- You can modify settings if you need and than click ok.
- The indicator is ready and running on the chart.
In the archives you will find following Metatrader 5 files included:
- trend-confirmation-index-indicator.mq5
Trend Confirmation Index Indicator Free Download
To download the Trend Confirmation Index Indicator for Metatrader 5 (MT5) for free just click the button below:
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