shadow true strength index
Info
The shadow true strength index is a Indicator for MetaTrader 5 that shadow true strength index oscillator with two signal lines (tsi shadows). it has ten adjustable parameters:price source- calculation price of the source data, on which tsi (*) is calculatedprice source period- calculation period of the source data, on which tsi (*) is calculatedfirst smoothing period- primary smoothing periodsecond smoothing period- secondary smoothing periodfirst shadow period - first signal line calculation periodfirst shadow method- first signal line calculation methodsecond shadow period- second signal line calculation periodsecond shadow method- second signal line calculation methodoverbought - overbought leveloversold - oversold level calculations:tsi = 100.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use shadow true strength index
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.
What this tool does
shadow true strength index oscillator with two signal lines (tsi shadows).
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: institutional kalman filter: dynamic true price estimation - another powerful indicator for MetaTrader 5 traders.
Also recommended: true open and power of 3 (po3) lines - similar indicator with strong performance on MetaTrader 5.
shadow true strength index oscillator with two signal lines (tsi shadows).it has ten adjustable parameters:
price source
- calculation price of the source data, on which tsi (*) is calculated
price source period
- calculation period of the source data, on which tsi (*) is calculated
first smoothing period
- primary smoothing period
second smoothing period
- secondary smoothing period
first shadow period
- first signal line calculation period
first shadow method
- first signal line calculation method
second shadow period
- second signal line calculation period
second shadow method
- second signal line calculation method
overbought
- overbought level
oversold
- oversold level
calculations:
tsi = 100.0 * udm2 / adm2shadow1 = ma(tsi, first shadow period, first shadow method)shadow2 = ma(shadow1, second shadow period, second shadow method)
where:
udm2 = ema(udm1, second smoothing period)adm2 = ema(adm1, second smoothing period)
udm1 = ema(udm, first smoothing period)adm1 = ema(adm, first smoothing period)
udm = close - prevcloseadm = abs(udm)
*
source data for tsi calculation:
unlike indicator calculated on the close price, the calculations here are based on prices of the simple moving average (sma) featuring both calculation prices and a timeframe. if sma's price source period is 1, the tsi line of the indicator fully coincides with the line of indicator . in case of the high values of the price source period, the tsi line is smoothed.
You may also like: average true range (atr) - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.