Thus, 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.
- 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.
So, if you are wondering how to use Traders Dynamic Index indicator the following could give you some ideas per category:
For Scalpers
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.
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.
For download this indicator send email at aurelian7691@gmail.com .
