Traders Dynamic Index (MT4, MT5, cTrader)

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

Main

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.

Alerts

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.

Arrows

RedYellowCrossArrowBullishColor (default = clrGreen) — the color of the bullish arrows when red and yellow lines cross.
RedYellowCrossArrowBearishColor (default = clrRed) — the color of the bearish arrows when red and yellow lines cross.
HookArrowBullishColor (default = clrGreen) — the color of the bullish arrows for hook alerts.
HookArrowBearishColor (default = clrRed) — the color of the bearish arrows for hook alerts.
GreenRedCrossArrowBullishColor (default = clrGreen) — the color of the bullish arrows when green and red lines cross.
GreenRedCrossArrowBearishColor (default = clrRed) — the color of the bearish arrows when green and red lines cross.
YellowGreenCrossArrowBullishColor (default = clrGreen) — the color of the bullish arrows when yellow and green lines cross.
YellowGreenCrossArrowBearishColor (default = clrRed) — the color of the bearish arrows when yellow and green lines cross.
RedYellowCrossArrowBullishCode (default = 233) — the code of the bullish arrows when red and yellow lines cross.
RedYellowCrossArrowBearishCode (default = 234) — the code of the bearish arrows when red and yellow lines cross.
HookArrowBullishCode (default = 71) — the code of the bullish arrows for hook alerts.
HookArrowBearishCode (default = 72) — the code of the bearish arrows for hook alerts.
GreenRedCrossArrowBullishCode (default = 200) — the code of the bullish arrows when green and red lines cross.
GreenRedCrossArrowBearishCode (default = 201) — the code of the bearish arrows when green and red lines cross.
YellowGreenCrossArrowBullishCode (default = 226) — the code of the bullish arrows when yellow and green lines cross.
YellowGreenCrossArrowBearishCode (default = 225) — the code of the bearish arrows when yellow and green lines cross.
ArrowSize (default = 1) — the size of arrows.
ArrowPrefix (default = "TDI-") — the name prefix for arrows.

Example

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.

Download (ver. 1.07, 2023-09-26)

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.
You can open a trading account with any of the MT4 Forex brokers to freely use the presented here indicator for MetaTrader 4. If you want to use an MT5 version of the indicator presented here, you would need to open an account with a broker that offers MetaTrader 5.

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