This indicator uses some of the most powerful indicators such as the RSI as well as other types of calculations to determine the trend and momentum of the pairs. In a blink, this indicator gives you the current situation of the pair you put it on and let you know whether we are in a bull or bear situation. Although this indicator can be used standalone, it is advised that you use other confirming indicators together with it. Leading indicators such as fibos and trendlines should do good.
The Indicator Parameters are as follows:
RSI_Period (default = 13) — the period in bars for calculation of RSI
RSI_Price (default = MODE_CLOSE) — the price type to use in RSI calculation
Volatility_Band (default = 34) —the parameter for volatility band calculation. (Can be between 20 and 40. The lower this value is the curvier becomes the band.
RSI_Price_Line (default = 2) — the period of the first moving average (fast)
RSI_Price_Type (default = MODE_SMA) — the type of the first moving average
Trade_Signal_Line (default = 7) — the period of the second moving average (slow)
Trade_Signal_Type (default = MODE_SMA) — the type of the second moving average
UseAlerts (default = false) — if true then sound alert will be played each time red and yellow lines cross
The Sound Alert is always very helpful in any indicator which has it built in because in this way, you do not have to sit like a hawk in front of the chart and keep staring at it, thus straining your eyes more and more.
When to Buy
You can open a BUY position when the following happens:
1. Green line is above red line
2. Both Green and Red line are above Yellow line
3. Yellow line is above 50 (Optional for long term/Must for short-term)
When to Sell
You can open a SELL position when the following happens:
1. Red line is above Green line
2. Both Red and Green lines are below Yellow line
3. Yellow line is below 50 (Optional for long term/Must for short-term)
When NOT to enter a trade
1. Do not enter a trade when the Green/Red lines are outside the Blue Line or very near to it... try to enter the trades as close to the Yellow line as possible.
2. Do not enter trade when the Blue lines (bands) are too narrow as it shows little volatility in the market.
I hope that this indicator help you develop your own trading system and make some more profit from the markets. Please share your researches.
Thanks you sharing.
It seems like a Bollinger Band put over the RSI, am I right?
Yeah it appears to be RSI topped with Bollinger Band and Moving Average. It's an interesting combination by the way.
where can I get the indicator
Funny enough... I forgot to attach it... thanks for this query... I updated the first post and you can download it from above...
Hehehe... I didn't notice the attachment was not there.
Thanks boss for sharing!
Seems like a nice one.. I might use it in confirmation in my automated trading system.
Do you have any back testing results of trading with it? Any market conditions it functions well on (besides ranges)?
I leave the backtesting etc for you. Please share with us after you finish.
New to the forum and trying to learn about forex.
How do you install the TDI to MT4 / which folder?
Read this thread for a detail instruction on how to install metatrader indicators.
Hope it helps..
i get tdi alerts in my mobile. Market hours off. the screen display of visual alert in red to green colors are correct ie weak, strong,caution buy or sell with tdi trend up or down. But the msg alert ( popping small alert box) seen on screen comes always as STRONG BUY. Similarly the sms i get of this alert is always same as in popping alert box. so the msg alert and visual alert are contradictory, and i fail to place any trade....
i hv not changed anything in the code .
Is it becoz iam running TDI during off market hours or there is something wrong with the code itself , generating wrong message alert and sms alerts ( with correct visual alerts) ?.
Can the moderator guide me...
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