The TDI Alert MT4 indicator is the Traders Dynamic Index with additional input settings and alerts. The indicator detects trend direction using the classic RSI – Relative Strength Index MetaTrader indicator and applies a volatility band to it. A combination of the trend and volatility makes the forex trading signals of the TDI indicator reliable and profitable.
The indicator further strengthens by the addition of the mid line or the moving average. In effect it acts as a standalone indicator that identifies trend direction, volatility and trend strength. As a result, the indicator works best for forex trend traders.
Features of TDI Alerts MT4 Indicator
New forex traders can see the clear trade alerts displayed by the indicator including the entry price and direction. For instance if the indicator provides a buy signal with an up arrow, traders can place a stop loss below the previous swing low and enter the markets. Traders can book profits once TDI lines hit the upper volatility band. Alternately, traders can hold the position until an opposite trading signal.
However, advanced forex traders can use the indicator features independently or combine them for a detailed technical analysis. The red and green TDI lines form the primary component of this indicator. A crossover of the green line above red indicates a bullish signal, while the opposite is bearish.
The width of the bands indicate the volatility level, a wider band indicates a volatile market. However, during a ranging market the bands contract. Another important component of the band is the mid line. If, the TDI lines are above the mid line it indicates an uptrend, while the opposite indicates a downtrend.
There are multiple trading methods using this indicator. Traders can use the independent components or use the buy and sell trading signals and alerts generated by the indicator.
The best TDI trading strategy is to buy if the red TDI line is above the green, and the TDI lines are above the mid yellow line. A stop loss can be placed below the previous swing low. Similarly, traders can trade in the opposite conditions for a sell trade.
Benefits of TDI Alerts MT4 Indicator
The TDI indicator is a pretty impressive standalone trading system calculating various market parameters. Primarily it is a trend indicator and works well in all intraday price charts as well as the daily, weekly and monthly charts.
Though the indicator is able to detect trend changes in the smaller time frames, it performs its best at higher time frames. So, forex trend traders targeting short and long-term trades will benefit the most out of this indicator.
Traders can use it in confluence with other technical indicators and is well suited to formulate auto trading strategies.
Indicator Settings Description
Show_TrendVisuals:, Show_SignalArrows: Enables trend information and arrow signals.
SHIFT_Sideway:, SHIFT_Up_Down: Shits the trend info location.
RSI_Period:, RSI_Price: RSI settings.
Volatility_Band: Adjusts the width of the band.
RSI_Price_Line:, RSI_Price_Type: RSI line settings.
Trade_Signal_Line: Signal line input.
SHOW-trade_Signal_Line2:, Trade_Signal_line2:, Trade_Signal_Type: Input for signal line 2.
BuySellAlerts:, CautionAlerts:, MsgAlerts:, SoundAlerts:, SoundAlertFile:, EmailAlerts: Alert settings.
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