A hydraulic tensioner having a piston sliding around an outside surface of a pin or rod, so that the high pressure chamber for chain control is created by the area between the piston internal diameter and the rod outside diameter. A spring around the outside of the rod presses against the bottom of the piston, biasing the piston outward during low oil pressure conditions. Preferably, the piston is steel and the rod is aluminum, the reverse of prior art designs, which means that as temperature increases, the piston to bore clearance reduces. This can offset the oil viscosity reduction and maintain the same performance over operating temperatures.