Traders Dynamic Index is a useful and comprehensive indicator that uses RSI, its moving averages and volatility bands (based upon Bollinger Bands), to give traders a complete picture of the Forex market. It can be used to alert traders with sound or visual signals. This indicator is available for MT4 or MT5.
- RSI_Period -- default = 13. -- Period in bars for calculation RSI. The recommended range is between 8 to 25.
- RSI_Price -- Price type to be used in RSI calculation.
- Volatility_Band -- Period in bars for calculation of volatility bands. The recommended range is between 20-40. Bands that are sensitive to low values will be more sensitive.
- StdDev -- Standard deviation multiplier for volatility bands. This parameter should not be changed.
- RSI_Price_Line -- Period of the first moving average of RSI (fast).
- RSI_Price_Type -- Type of the first moving average in RSI.
- Trade_Signal_Line (default=7) -- Period of the second moving average of RSI (slow).
- Trade_Signal_Type -- Type of the second moving-average of RSI.
- AlertNative -- default = false - true - a native popup will be sent out each time the yellow and red lines cross.
- AlertSound -- If true is set, then an alert sound will be made.
- AlertEmail -- If true is set, then alerts will be sent by email. Email should be properly configured in MetaTrader via Tools->Options->Email.
- AlertNotification -- If true is set, push notifications will be sent to your mobile device. Notifications should be properly configured in MetaTrader via Tools->Options->Notifications.
- EnableHookAlert -- default = false - If true is set, the Alert options will enable alerts for when the green and blue lines cross each other above level 68.
- AlertOnCandle -- Sets whether alerts wait until the candle closes or respond to the current candle's changing.
How to trade with Traders Dynamic Index
Although Traders Dynamic Index may seem complicated at first, you will soon get used to it.
- Scalping: Enter long when the green line is higher than the red, and short when it is lower than the red.
- Short-term trading: Enter long when the green line is higher than the yellow one; enter short when it is lower than the yellow one.
- Medium-term Trading : Go long with the same conditions as short-term trading but only when all lines are lower than 50. To go short, the same conditions apply but the line is higher than 50.
The blue volatility band indicates long-term trend strength, and volatility when it is wide. Market volatility can also be signaled by sharp green line changes.
How to download and install an indicator
In order to install the indicator on your MT4 or MT5 platform, you need to follow these steps:
- Click on the “Download Indicator” button located at the bottom of the screen.
- Save the file to your computer.
- Extract and move the files into the MT5>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select the "Traders Dynamic Index" indicator template to apply it on the chart.
Note: This indicator was developed by a third party. AtoZ Markets does not carry any copyrights over this trading tool.