Trend Confirmation Index MT5 Forex Indicator Download Free

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The Trend Confirmation Index (TCI) is a robust technical indicator designed for Metatrader 5 (MT5), offering a precise gauge of the market's current condition.

Overview​

The TCI allows traders to assess market momentum by identifying overbought (>70) and oversold (<30) levels. This indicator is particularly effective in determining the strength of a trend based on the closing prices within candlesticks.

Customizable Parameters​

• Period: Defines the calculation period.
• Method: Specifies the calculation method.
• Overbought Level: Sets the threshold for overbought conditions.
• Oversold Level: Sets the threshold for oversold conditions.
• Show Actual CPP: Option to display the close price location line for each candlestick (Yes/No).

The TCI can be used as a standalone trading tool or integrated into an existing trading system to enhance performance.

How to Use the TCI Indicator​

• Buy Signal: Initiate a long position when the green TCI line breaks and stays above the 50.00 level.
• Sell Signal: Open a short position when the green TCI line dips below the 50.00 level.
• Exit Buy Trade: Close buy trades if the green TCI line exceeds the 70.00 level (overbought) or drops below the 50.00 level.
• Exit Sell Trade: Close sell trades if the green TCI line falls below the 30.00 level (oversold) or rises above the 50.00 level.

The TCI is designed to alert traders to extreme market conditions, highlighting potential trends.

Installation Instructions​

1. Download the Indicator: Click the “LINK” button at the bottom of this post to download the MT5 indicator file.
2. Copy Indicator Files: Copy the Trend Confirmation Index Indicator files.
3. Paste Files into MT5 Directory:
   • Navigate to your MT5 platform.
   • Go to File > Open Data Folder > MQL5 > Indicators.
   • Paste the copied files into this folder.
4. Restart MT5: Close and reopen your MT5 client.
5. Select Chart and Timeframe: Choose the chart and timeframe where you want to apply the indicator.
6. Attach Indicator to Chart:
   • In the MT5 platform, locate the Navigator panel on the left side.
   • Browse to Custom Indicators.
   • Right-click on trend-confirmation-index-indicator.mq5 and select “Attach to the chart.”
7. Adjust Settings: Modify the indicator settings as needed and click OK.
8. Ready to Use: The Trend Confirmation Index indicator will now be running on your selected chart.

Included Files​

• trend-confirmation-index-indicator.mq5

Conclusion​

The Trend Confirmation Index for MT5 is an essential tool for traders seeking to identify market conditions and trend strength. By highlighting overbought and oversold levels, it provides clear signals for potential trade entries and exits. Whether used independently or as part of a broader trading strategy, the TCI can significantly enhance your trading precision and effectiveness.