Traders Dynamic Index



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. It is available for MT4, MT5, and cTrader.

Traders Dynamic Index supports four alert triggers and four alert types. It can also be used in a multi-timeframe mode.

Input parameters

  • RSI_Period (default = 13) — period in bars for calculation of RSI. Recommended range is between 8 and 25.
  • RSI_Price (default = Close price) — 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 = Simple) — 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 = Simple) — type of the second moving average of RSI.
  • EnableNativeAlerts (default = false) — if true, then a native popup alert will be issued when any of the alert conditions is met.
  • EnableEmailAlerts (default = false) — if true, alerts will be sent via email. Email should be properly configured in MetaTrader via Tools->Options->Email.
  • EnablePushAlerts (default = false) — if true, alerts will be sent via push notifications to your mobile device. Notifications should be properly configured in MetaTrader via Tools->Options->Notifications.
  • EnableArrowAlerts (default = false) — if true, then an arrow will be displayed on the chart upon an alert condition triggering.
  • ArrowPrefix (default = "TDI-") — prefix for alert arrow chart objects for compatibility with other indicators.
  • EnableRedYellowCrossAlert (default = true) — if true, then the alerts will be triggered when red and yellow lines cross.
  • EnableHookAlert (default = false) — if true, then the four Alert options above will also enable alerts for the green line crosses the blue one from above when both are above level 68 or when the green line crosses the blue one from below when both are below level 32.
  • EnableGreenRedCrossAlert (default = false) — if true, then the alerts will be triggered when green and red lines cross.
  • EnableYellowGreenCrossAlert (default = false) — if true, then the alerts will be triggered when yellow and green lines cross.
  • TriggerCandle (default = Previous) — the candle to issue alerts on: Previous — the most recently closed candle or Current — the yet unfinished candle.

Example

Traders Dynamic Index Indicator Example MetaTrader Chart

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.

Downloads (ver. 1.06, 2022-03-31)

MetaTrader 4

MetaTrader 5

cTrader

Please note, cTrader version does not support alerts and MTF features.

Discussion

Warning! If you do not know how to install this indicator, please read the MetaTrader Indicators Tutorial.

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.

Changelog

1.06 - 2022-03-31

  • Fixed issues with multi-timeframe display.

1.05 - 2022-03-29

  • Added red/green line cross alert.
  • Added yellow/green line cross alert.
  • Added arrow alert type.
  • Added upper timeframe option to display indicator values from a longer period.
  • Added object name prefix for better compatibility with other indicators.

1.04 - 2020-04-10

  • Added Hook alert for when the green line crosses the blue one from above when both are above level 68 or when the green line crosses the blue one from below when both are below level 32.
  • Added an option to choose whether alerts are triggered by the latest candle or by the latest closed candle.
  • Added indicator minimum and maximum levels (0 and 100).
  • Improved calculation speed of MT5 version.
  • Fixed timeframe strings appearing in alerts in MT5 version.

1.03 - 2019-09-11

  • Fixed a bug that prevented alerts from triggering in MT5.
  • Improved alert system adding all four alert options (native, sound, email, and notifications).

1.02 - 2018-05-14

  • Fixed potential 'Array out of range' error in MT4.

1.01 - 2009-04-02

  • Added sound alerts.

1.00 - 2008-02-08

  • First release of Traders Dynamic Index.

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