I published a new complex MetaTrader indicator on the site today — it’s called Traders Dynamic Index. It has almost everything the Forex trader needs: trend direction indicator, trend strength indicator and the market volatility measurement tool. But despite these cool features it is very simple to use. This indicator was sent to me by one of the site’s visitors, but it most probably originates from www.compassfx.com.
Here’s a quick guide to using this indicator (I recommend reading the full guide in its code’s commentary):
- Blue bands show a strength of the trend — the wider they are, the stronger is the trend.
- Yellow line indicates the trend’s direction change — when it bounces of 32 level, trend goes bullish, when it bounces down from 68 level, trend goes bearish.
- Green and red lines signal for the long position — if the green one intersects the red one from below, and — for short position, when the red one crosses the green line from below.