I also have Ultimate Traffic (the older Fs9 version).
First you should look out the window to know if you really have traffic .
But I really don't have as much on the TCAS as I can see at sky.
I think this TCAS only displays those aircraft that are not to far in altitude above or below me.

But there are many free-ware TCAS and RADAR gauges on the web!!!
I have this one installed: http://www.simviation.com/fs2004utilities5.htm
It is a utility that uses FSUIPC to get traffic info from FS. It's not integrated into FS, as it's not a gauge.

There are also real gauges for it, but I only found in-cockpit-built ones:
http://www.simviation.com/fs2004panels5.htm
http://www.simviation.com/fs2004panels30.htm
At these two sites there are panels that contain TCAS gauges.
To use them in any aircraft, you'd have to cut/copy it's tcas-gauge-files out to the FSdir\Gauges folder and then use a program like FSPanelStudio or CPD (which are payware, there may exist free-wares) for it. But of course this is much more difficult.

You can also try googling for some tcas gauges that are not built-in or any other utility for this.
Good Luck with solving your Problem! I hope I helped you.