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True Strength Index Alerts
On the TimeToTrade charts, a True Strength Index indicator can then be used to execute trades, provide an Email or SMS text message notification when your candlestick chart patterns have been met or backtest a trading strategy.
The True Strength Index (TSI) is a momentum-based indicator that is used to help determine trend and identify overbought and oversold conditions. The indicator has very limited time lag compared to for example a moving average, and so is particularly useful for spotting early changes of trend.
The TSI will rise when the short term trend is up and fall when the shot term trend is down. An increasing TSI indicates increasing momentum in the direction of the price movement.
When the indicator is rising above zero, the price is always rising. When the indicator is falling below zero, the price is always falling.
Technical analysts have their own preferences as to what are considered overbought and oversold levels. Typically values of -25 and +25 are used to indicate levels whether the market is overbought or oversold, but +/-30 and +/-50 are also common.
Learn more about the True Strength Index indicator.
True Strength Index Alerts
You can use TimeToTrade to execute trades, notify you or backtest a trading strategy when the True Strength Index chart conditions have been met. Use the chart settings to add the True Strength Index indicator, then click on the triggers on the chart, or click on the 'Add Trigger' button in the 'Alert Builder' section, to select the following triggers to build alerts:
In the following example an alert will be set up to provide a notification of when the True Strength Index indicator rises above 25 using the chart triggers:
Enter a message to remind yourself why the alert was created; select how you would like to be notified when the alert trigger conditions are met; change the 'reactivate alert' settings if you would like to get an alert each time your alert trigger conditions are met; click on the green 'Activate' button on the Alert Builder when finished as per the following example:
True Strength Index Trading Strategies
You can use TimeToTrade to execute trades when your Trigger Trading™ alert conditions have been met. For example, an order can be created to sell 100,000 GBPUSD when your True Strength Index alert trigger conditions have been met, with a take profit order if the price decreases by 20 points / pips and a stop loss if the price increases by 10 points as per the following example:
TimeToTrade can also be used to create alerts on Price and Volume as well as the technical indicators such as Stochastic, RSI, Bollinger Bands and Moving Averages plus a lot more. You can also create alerts on your own Custom Indicators.
Once you are familiar with creating basic alerts you can use TimeToTrade's advanced features to customise your alerts to suit you. You can build compound alerts containing multiple trigger conditions against price and multiple technical indicators; for example: you could set up an alert to notify you, or execute a trade, when the price falls below a defined value followed by the stochastic increasing above 20 and then a positive MACD crossover:
You can also edit the alert message you will receive and be notified by Email and SMS text messages when your alert trigger conditions are met.
To learn more about Sequencing and Grouping Multiple Alert Triggers click here.
Check Alert Triggers at Interval Close or on Each Tick During the Interval
Alerts can be set up to check if the trigger condition has been met at the end of an interval or on each tick during the interval. When creating alerts, click on the alert trigger and set the 'Check trigger when' field to 'interval closes' or 'on each tick during the interval' to change the behaviour.
For example if you wanted to check if the Close Price at the end of a 15 minute interval rises above 1.5, select 'interval closes' as illustrated:
If however you wanted to check for example if the hourly RSI falls below 30 and want to get an alert if that happens during the 1 hour interval, rather than checking at the close of the 1 hour interval, check the alert trigger 'on each tick during the interval' as illustrated:
Go to the Ask a Question section on the TimeToTrade forum to see the type of alerts and trading strategies that TimeToTrade users are creating:
- Ask a Question
- Trading Strategies
- Help Videos
- Technical Analysis Alerts
- How to Backtest your Alerts and Trading Strategies
Use can use TimeToTrade to execute trades or notify you when price, trendline, technical analysis, volume or candlestick chart conditions are met. Trade-Off The Chart, backtest, simulate and optimise your trading strategies, all without writing a single line of computer code. Set up a FREE account today.
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- buy when your technical analysis chart conditions are met? Really buy, not just get an email or sms alert?
- or sell when a support trend line is broken?
- or back-test your strategy going back as far as 30 years?
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- Back Test Trading Strategies with up to 30 years of historical data - learn more
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The information and data provided is for educational and informational purposes only. Interpretation and use of the information and data provided is at the user's own risk. All information and data on this website is obtained from sources believed to be accurate and reliable. However, errors or omissions are possible due to human and/or mechanical error. All information and data is provided "as is" without warranty of any kind. We make no representations as to the accuracy, completeness, or timeliness of the information and data on this site and we reserve the right, in its sole discretion and without any obligation, to change, make improvements to, or correct any errors or omissions in any portion of the services at any times. Past performance is not a guarantee of future results. Trading carries a high level of risk to your capital and can result in losses that exceed your deposits. It may not be suitable for everyone so please ensure you fully understand the risks involved.
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