TC I
Info
The TC I is a Indicator for MetaTrader 5 that indicator "trend confirmation index"the trend confirmation index (tci) is a technical indicator that assesses the strength and direction of a trend based on the close price location within a candlestick. The assumption is that the close price position within a candlestick provides valuable information about the trend's strength and its potential for continuation or reversal.
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 TC 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.
What this tool does
Indicator "Trend Confirmation Index"The Trend Confirmation Index (TCI) is a technical indicator that assesses the strength and direction of a trend based on the close price location within a candlestick.
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: Spread Heatmap: Hourly Spread Analysis by Day and Time - another powerful indicator for MetaTrader 5 traders.
Indicator "Trend Confirmation Index"Also recommended: Candle Timer Countdown for MetaTrader 5 - similar indicator with strong performance on MetaTrader 5.
The Trend Confirmation Index (TCI) is a technical indicator that assesses the strength and direction of a trend based on the close price location within a candlestick. The assumption is that the close price position within a candlestick provides valuable information about the trend's strength and its potential for continuation or reversal.
The TCI indicator calculates the average value of the close price location over a specified period of candlesticks. The close price location within a candlestick is determined using the formula: (C-L) / ((H-L) / 100), where C is the close price, L is the low price, and H is the high price.
This indicator offers five customizable parameters:
- Period: The number of candlesticks used for the calculation.
- Method: The calculation method employed.
- Overbought Level: The level above which the market is considered overbought.
- Oversold Level: The level below which the market is deemed oversold.
- Show Actual CPP: An option to display the close price location line (Closing Price Position) for each candlestick, with a yes/no setting.
Calculation:
TCI = (C-L) / ((H-L) / 100)
Where:
- C: Close price
- L: Low price
- H: High price
You may also like: Trading Session Boxes Indicator for MT4/MT5 - 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.