You can now download the Traders Dynamic Index for free on AtoZ Markets indicators gallery.
Traders Dynamic Index is 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. This indicator can use sound and visual alerts. It is available for MT4 and MT5.
- 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.
How to trade with Traders Dynamic Index
At a glance, Traders Dynamic Index is not too easy to use, but you will get used 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.
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.