Traders Dynamic Index (TDI) MetaTrader | FREE Forex Trading Indicatorindicator
Traders Dynamic Index (TDI) MetaTrader indicator — a comprehensive but useful indicator that employs RSI (Relative Strength Index), moving averages, and volatility bands (based on Bollinger Bands) to provide traders with a comprehensive picture of the current Forex market situation. This indicator can provide both audible and visual alerts. It is compatible with 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 = 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.
- AlertNative (default = false) — if true, then a native popup alert will be issued each time the red and the yellow lines cross.
- AlertSound (default = false) — if true, then a sound alert will be played on a signal.
- AlertEmail (default = false) — if true, alerts will be sent via email. Email should be properly configured in MetaTrader via Tools->Options->Email.
- AlertNotification (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.
- 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.
- AlertOnCandle (default = Wait_for_Close) — sets whether alerts wait for the candle to close or react to the current candle changing.
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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.
Keep an eye on the blue volatility band, which indicates long-term trend strength and volatility when it is wide. Sharp changes in the green line also indicate short-term market volatility.
Downloads (ver. 1.04, 2020-04-10)
Please keep in mind that the cTrader version does not support alerts.
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