The TSI MACD Metatrader 4 forex indicator is a combination of the TSI (True Strength Index) and MACD (Moving Average Convergence Divergence) technical indicators.
The TSI MACD indicator is a momentum indicator, considering that it comes from two momentum indicators.
Ultimately, the TSI MACD indicator is used to gauge the strength of a trend, as well as its accompanying momentum.
The indicator is shown to oscillate between -110 and +110, while its signal baseline is on the zero level (a level that determines the market bias).
Incorporating this indicator into your forex trading strategy can be done easily and has enormous profit potentials.
The EUR/USD H1 chart below displays the TSI MACD Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the blue line of the TSI MACD Metatrader 4 forex indicator breaks above the zero baseline.
Sell Signal: Go short when the blue line of the TSI MACD Metatrader 4 forex indicator breaks below the zero baseline.
Exit buy trade: Close all buy orders if while a bullish trend is running, the red line of the TSI MACD indicator breaks below the zero baseline.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the red line of the TSI MACD indicator surges above the zero baseline.
Tips: One amazing feature of the TSI MACD indicator is that unlike other technical indicators, it can be deployed as a tool that determines trend direction and its attending strength.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (Fast, Slow, Signal, First_R, Second_S, SignalPeriod, Mode_Smooth), width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend | momentum
Copy and paste the tsi-macd.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)