Traders Dynamic Index (TDI) MetaTrader indicator — a comprehensive but helpful indicator that uses RSI (Relative Strength Index), its moving averages, and volatility bands (based on Bollinger Bands) to offer traders a full picture of the current Forex market situation. This indicator can use sound and visual alerts. It is available for MT4, MT5, and cTrader.
- RSI_Period (default = 13) — period in bars for calculation of RSI. Recommended range is between 8 and 25.
- RSI_Price (default = PRICE_CLOSE) — price type to use in RSI calculation.
- Volatility_Band (default = 34) — period in bars for volatility bands calculation. Recommended range is between 20 and 40. The lower the value the more sensitive the band.
- StdDev (default = 1.6185) — standard deviation multiplier for volatility bands. It is not recommended to change this parameter.
- RSI_Price_Line (default = 2) — period of the first moving average (fast) of RSI.
- RSI_Price_Type (default = MODE_SMA) — type of the first moving average of RSI.
- Trade_Signal_Line (default = 7) — period of the second moving average (slow) of RSI.
- Trade_Signal_Type (default = MODE_SMA) — type of the second moving average of RSI.
- UseAlerts (default = false) — if true, then sound alert will be played each time the red and the yellow lines cross. This parameter is absent from the cTrader version of the indicator as it does not support alerts.
At a first glance, Traders Dynamic Index is not too easy to use, but you will get accustomed to it:
- For scalping, enter long when the green line is above the red line and enter short when the red line is the above green line.
- For short-term trading, enter long when the green is above both the red and the yellow lines; enter short when the red one is above both the green and the yellow ones.
- For medium-term trading, go long under the same conditions as for the short-term trading but only when all lines are below 50; to go short — the same but above 50.
Mind the blue volatility band as it points to the long-term trend strength and volatility when wide. Steep green line changes also signal short-term market volatility.
Do you have any suggestions or questions regarding this indicator? You can always discuss Traders Dynamic Index with other traders and MQL programmers on the indicators forums.