The Traders Dynamic Index forex indicator for MetaTrader 4 is an all-inclusive but at the same time useful indicator that is built on the Relative Strength Index (RSI), its Moving Averages and volatility bands that are built on Bollinger Bands to give market participants a better view of the most recent market situation.
The Traders_Dynamic_Index_VISUAL_ALERTS indicator offers visual and sound alerts.
Traders ted to use this indicator quite a lot due to the fact that it can act as a trend, momentum and also an inversion indicator.
Which means the Traders_Dynamic_Index_VISUAL_ALERTS indicator can be said to be a leading indicator.
This trading indicator is not easy to use at a first glance, but after getting used to it, you’ll find it very handy using:
If you are a scalper enter a buy trade when the green line is aligned above the red line and place a short entry when the red line is aligned above the green line.
For traders who are engaged in short-term trading, place a long entry when the green line is aligned above both the red and the yellow lines, while you can enter a sell position when the red line is aligned above both yellow and the green lines.
For medium-term traders, enter a buy position when the green line is aligned above both the red and the yellow lines (this condition holds only when all lines are below 50), while you can place a sell entry when the red line is aligned above both yellow and the green lines (this condition holds only when all lines are above 50).
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (Show_VISUAL_Alerts, SHIFT_Sideway, SHIFT_Up_Down, RSI_Period, RSI_Price, Volatiity_Band, RSI_Price_Line, RSI_Price_Type, Trade_Signal_Line, SHOW_Trade_Signal_Line2, Trade_Signal_Line2, Trade_Signal_Type), Colors, width & Style.
Time frames: 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month