Strength Index – a great tool for finding entries with low risk and high return. Strength Index helps traders understand whether the market is overbought or oversold. When the index is above 90 is overbought. When the index is below 90 the market is oversold. Option “Highlight lines” move allocates band and perekuplennosti pereprodannosti.
Remember that the market may be overbought and oversold for a long period of time. Do not use leased lines to enter. On the contrary, wait for the green / red line will not be white. This saves you from premature entry. However, you can enter the market when there is a dedicated line in the direction of the trend. (For example, in an uptrend and the index is below 10, you can open a long position.)
We strongly recommend that before buying to test the indicator on a demo account. Try the free demo!
The indicator is equipped with an experimental option called “Trend Recommendation” ( “Recommended trend“), which will help to filter out low-quality signals. This option will show you the direction of the transaction and roll back, if there is one.
- When the line becomes a trend recommended light green, market directed upwards. When the line becomes a trend recommended dark green, the trend is still going up, but the market may undergo a rollback or reversal.
- When the line becomes a trend recommended light red, the market is directed downward. When the line becomes a trend recommended dark red, the trend is still going down, but the market may undergo a rollback or reversal.
Option “Show Trend Recommendation Text” ( “Show the text recommended by the trend”) to display the current status “Trend Recommendation” in the form of text. This is an extremely useful option, since it helps traders to easily identify the status of the current market situation.
Trend Recommendation mode is also experimental. We will continue to update and refine the product, making it better and more accurately. You can also trade and improve the accuracy of using this indicator for multi-timeframe analysis.
If you have any problems or you want to suggest a new feature to display, send me a message
- SI_Period: The number of bars used to calculate Strength Index indicator. (It should be above 0)
- S_Period: The number of index values for anti-aliasing. (It should be above 1)
- SI_Method: Smoothing method.
- HighlightLines: Selection lines, if the index is above the upper or below the lower level
- UpperLevel: Index level at which the market is considered overbought.
- LowerLevel: Index level at which the market is considered oversold.
- TrendRecommendation: Displays the status of the trend in the bottom of the display. Light green / red color indicates that there is a strong upward / downward trend in the market. Dark green / red color indicates that the market there is a rollback or reversal.
- ShowTrendRecommendationText: Displays the current trend in the recommended text.
- txt_XDistance: X coordinate for displaying text on the trend. (B pixels)
- txt_YDistance: Y coordinate to display text on the trend. (B pixels)
- txt_Corner: Corner where text will be displayed on the trend.
- txt_color_up: Color of the text in an uptrend.
- txt_color_down: Color of the text in a downtrend.
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