Blau Ergodic TS I
This is a powerful addition to your MetaTrader 5 toolkit designed to optimize market analysis and performance. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Blau Ergodic TS I
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
Description & Settings
Definition:
By definition TSI (True Strength Index) is a double smoothed momentum calculated using the following formula:
By further extending his definition, William Blau states that: The Ergodic is a double smoothed TSI with one smoothing fixed at five price bars. A further EMA (Exponential Moving Average) smoothing produces its signal lineSo, if any of the two smoothing periods is set to 5, by definition provided by William Blau, that is an Ergodic oscillator (or Ergodic TSI in this case)
Features:
The indicator recognizes if it is an "Ergodic" or a "regular" TSI. It also provides 3 coloring modes in order to help decisions making:
color change on signal line cross
color change on zero line cross
color change on TSI line slope direction change
Usage:
You can use the color changes for signals. Even though William Blau uses that definition for Ergodic, might be wise to experiment with the smoothing parameters regardless if it is "Ergodic" or not that way. He frequently uses 25,13 settings for first two smoothing periods, and that seems to be quite an acceptable setting for a lot of cases.
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