True Strength Index (TSI) Indicator by William Blau
Info
The True Strength Index (TSI) Indicator by William Blau is a Indicator for MetaTrader 5 that true strength index indicator by william blau. True Strength Index(TSI, Q-Period Smoothed Momentum) is a normalized momentum indicator developed by William Blau.
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 True Strength Index (TSI) Indicator by William Blau
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
True Strength Index Indicator by William Blau.
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: Quantora Candle Strength Analyzer MT5: Price Action and Wick Analysis - another powerful indicator for MetaTrader 5 traders.
True Strength Index Indicator by William Blau.Also recommended: Volume Strength Compass by Bhanu Code Lab - similar indicator with strong performance on MetaTrader 5.
True Strength Index
(TSI, Q-Period Smoothed Momentum) is a normalized momentum indicator developed by William Blau. The indicator values are normalized and mapped into the [–100,+100] interval.
The positive values of TSI correspond to overbought, the negative values correspond to oversold states of the market.
williamblau.mqh must be placed in
terminal_data_folder
\mql5\include\
blau_tsi.mq5 must be placed in
terminal_data_folder
\mql5\indicators\
Input Parameters:
Q - Momentum smoothing period (default Q=2);
R - Period of the 1st EMA, applied to momentum (default R=20);
S - Period of the 2nd EMA, applied to the result of the first smoothing (default S=5);
U - Period of the 3rd EMA, applied to the result of the second smoothing (default U=3);
AppliedPrice - (by default AppliedPrice=PRICE_CLOSE).
Note:
Q > 0;
R > 0, S > 0, U > 0. If R, S, or U = 1, smoothing is not used;
Min. Rates = (Q - 1 + R + S + U - 3 + 1).
You may also like: multi-timeframe relative strength index (mtf rsi) indicator for mt4/mt5 - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#include <williamblau.mqh> // include file (terminal_data_folder\mql5\include)
#property indicator_separate_window // indicator in a separate window
#property indicator_buffers 10 // number of buffers used
#property indicator_plots 1 // graphic plots
#property indicator_level1 -25 // level #0 (vertical)
#property indicator_level2 25 // level #1 (vertical)
#property indicator_levelcolor silver // level color.......
⚠ 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.