This indicator is suitable for scalping, day trading, and swing trading. Thus, the Traders Dynamic Index MT4 indicator aims to provide a full picture of the current Forex market condition for traders depending on their time frame. After you download Traders Dynamic Index MetaTrader 4 indicator file, you can enable sound and visual alerts.
Traders Dynamic Index indicator parameters
- RSI_Period (default = 13) — this defines how many candles do you want each tick to be built on. In another word, RSI period is the indication of period in bars in order to calculate RSI. RSI range is generally between 8 and 27.
- RSI_Price (default = PRICE_CLOSE) — you can choose the candle price to calculate your RSI. You can select Price close, Price open or other options.
- Volatility_Band (default = 34) — period in bars for volatility bands calculation. We have tested the range between 18 and 38. Bare in mind, the lower the period, the sensitive your band is.
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- StdDev (default = 1.6185) — standard deviation multiplier for volatility bands. Just don't touch this!
- RSI_Price_Line (default = 2) — this is the period of the first (fast) moving average 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 (slow) moving average 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.
Preview after you download Traders Dynamic Index indicator
If you are a scalper, you can look into the Traders Dynamic Index indicator for these points:
- Long the instrument if the Green line has passed above the red line.
- Short the instrument if the Red line has passed above the green line.
For day traders
If you are a day trader, you can look into the Traders Dynamic Index indicator for these points:
- Long the instrument if the Green line is above both red and yellow lines
- Short the instrument if the Red line is above both green and yellow lines
For swing traders
If you are a swing trader, you can look into the Traders Dynamic Index indicator for the above points like for day traders but involve the following extra tips:
- Long the instrument if the Green line is above both red and yellow lines, however only if all the lines are below 50 level.
- Short the instrument if the Red line is above both green and yellow lines, however only if all the lines are above the 50 zone.
Extra points The blue volatility bank signals the long term trend strength. When it is wide, it signals volatility as well. If the slope of the green line changes steeply it is a signal for a short-term market volatility.
Try this Traders Dynamic Index indicator with an AtoZ Approved broker for free:
How to download and install an indicator?
In order to install the indicator on your MT4 platform, you need to follow these steps:
- Click on the “Download Indicator” button located at the bottom of the post.
- Save the file to your computer.
- Extract and move the files into MT4>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select the “Traders Dynamic Index” template to apply it on the chart.
Note: This indicator was developed by T. Morris. AtoZ Markets does not carry any copyrights over this trading tool.
Should you use the Traders Dynamic Index indicator on your own at all?
Before you start using this indicator, you'll want to read this.
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This indicator was created on 05th May 2018 and last updated on 31st August 2020.