Traders Dynamic Index (TDI) MetaTrader Forex indicator — a comprehensive but helpful forex indicator that uses RSI (Relative Strength Index), its forex moving averages, and chart volatility bands (based on Bollinger Bands) to offer forex traders a complete picture of the current Forex market situation. It is available for forex MT4, MT5, and cTrader.
Traders Dynamic Index indicator supports four alert triggers and alert types. You can also use it in a multi-time frame mode.
- RSI_Period (main default = 13) — the period in chart bars for calculating the RSI indicator. Recommended range is between 8 and 25.
- RSI_Price (main default = Close price) — chart price type to use in RSI indicator calculation.
- Volatility_Band (default = 34) is the period in bars for calculating volatility bands. Recommended range is between 20 and 40—the lower the value, the more sensitive the band.
- StdDev (main default = 1.6185) — standard deviation multiplier for volatility bands. It is not recommended to change this parameter.
- RSI_Price_Line (main default = 2) — period of the first moving average (fast) of RSI.
- RSI_Price_Type (main default = Simple) — the type of the first moving average of RSI.
- Trade_Signal_Line (main default = 7) — period of the second moving average (slow) of RSI.
- Trade_Signal_Type (main default = Simple) — the type of the second moving average of RSI.
- EnableNativeAlerts (default = false) — if true, a native popup alert will be issued when any alert conditions are met.
- EnableEmailAlerts (default = false) — if true, will send alerts via Email. Should properly configure Email in MetaTrader via Tools->Options-> Email.
- EnablePushAlerts (default = false) — if true, will send alerts via push notifications to your mobile device. Should properly configure Notifications in MetaTrader via Tools->Options->Notifications.
- EnableArrowAlerts (default = false) — if true, an arrow will be displayed on the chart upon triggering an alert condition.
- ArrowPrefix (main default = “TDI-“) — prefix for alert arrow objects for compatibility with other forex indicators.
- EnableRedYellowCrossAlert (main default = true) — if true, the alerts will be triggered when the red color and yellow lines cross.
- EnableHookAlert (main default = false) — if true, then the 4 Alert options above will also enable alerts for the green color line crosses the blue color one from above when both are above level 68 or when the green color line crosses the blue color one from below when both are below level 32.
- EnableGreenRedCrossAlert (main default = false) — if true, the alerts will be triggered when the green color and red lines cross.
- EnableYellowGreenCrossAlert (main default = false) — if true, the alerts will be triggered when the yellow and green lines cross.
- TriggerCandle (main default = Previous) — the candle to issue alerts on Previous — the most recently closed chart candle or Current — the yet unfinished candle.
At first glance, the Traders Dynamic Index indicator is not too easy to use, but you will get accustomed to it:
- For forex scalping, enter long when the green color line is above the red color line and enter short when the red color line is above the green line.
- For short-term trading, enter long when the green color is above the red and the yellow color lines; enter short when the red one is above the green color and the yellow ones.
- For medium-term trading, go entry long under the same conditions as short-term trading but only when all color lines are below 50; to go short entry — the same but above 50.
Mind the blue color volatility band, as it points to the long-term trend strength and volatility when wide. A vertical green line also changes signal short-term market volatility.
Traders Dynamic Index Forex Indicator Free Download
Please note the cTrader version does not fully support alerts and MTF features.
Warning! If you do not know how to set up this indicator, please read the MetaTrader Forex Indicators Tutorial.
Do you have any more suggestions regarding this indicator? You can always discuss the forex Traders Dynamic Index indicators with other traders and MQL programmers on the indicators forums.