Expert Technical Review
by Alberto Muñoz
- expert rating:
Rated 3 out of 5 stars
How the software works
TUI indicator makes use of MACD and RSI to produce buy and sell alerts. In particular, when MACD crosses upwards, and RSI is above 50 level, it will generate a buy alert. Conversely, when the MACD crosses downwards and RSI is below 50 level, it will produce a sell alert.
Also MACD bias is displayed at any time on the left bottom corner of the chart (showing the word "Bajista" in red for bearish bias and "Alcista" in light green for bullish bias).
The parameters that can be modified are the following:
PeriodRSI: number of periods for RSI calculation
FastEMA: number of periods for the fast EMA in MACD
SlowEMA: number of periods for the slow EMA in MACD
SignalSMA: number of periods for the Signal line in MACD
TUI indicator is a very simple and clean way to monitor MACD and RSI combined signals. If you usually trade using these indicators but would like to have a clean workspace and receive sound alerts then this is your indicator.
Expert Usage Review
by Valeria Bednarik
- expert rating:
Rated 4 out of 5 stars
This add-on based on classical indicators such as RSI and MACD with modified parameters gives buying or selling signals, using MACD as a trend indicator and RSI as the trigger. Suitable for all time frames, it will give a sound alarm once in a certain time frame you get such a signal. However, it’s pretty much useless alone, as it doesn not provide a certain entry point, a stop loss or a probable target area. With this we should go by the author’s recommendations of using a 1:1 risk ratio for the stop loss, while the target will be set in upcoming support and resistance levels. The author uses as S&R different moving averages: 62 EMA, 200 SMA and 800 SMA and recommends closing half the position once the first one is reached. Moving the stop to the entry point at this moment could be a conservative recommendation, yet most of the time there is a good chance to be stopped out there as price action tends to pullback to the entry level. My personal recommendation is to cut the mentioned stop loss to half to insure gains.
This particular strategy is suitable for intraday trading, recommended for a 4 hours time frame or smaller. Signals are more accurate once all the charts show the same trend (Bullish or Bearish), and my personal back testing shows it is more interesting to trade volatile crosses such as EUR/AUD, GBP/JPY and EUR/JPY, in 15 and 30 minutes.