The Traders Dynamic Index (TDI) Forex indicator for Metatrader 5 shows overbought and oversold market levels in a separate chart.
The Traders Dynamic Index will yield the best results when combined with a trend-following technical indicator.
How to spot overbought & oversold market conditions with TDI?
- The market is oversold when TDI reaches the 32 value.
- The market is overbought when TDI reaches the 68 value.
The following indicator inputs and parameters can be modified: RSI period, applied price, overbought (68), oversold (32), show market base line, show volatility band lines, and smoothing method.
The Traders Dynamic Index indicator can be used together with any trading strategy or system for identifying overbought and oversold market levels.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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Traders_Dynamic_Index.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Traders Dynamic Index (TDI) indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Traders Dynamic Index (TDI) Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when the TDI indicator crosses back above 32 from below and the overall market trend is upward.
- Open a buy trade and place your stop loss slightly below the previous swing low price.
- Close the buy trade near resistance levels, or utilize your own take profit method for buy trades.
Sell Signal
- A sell signal is given when the TDI indicator crosses back below 68 from above and the overall market trend is downward.
- Open a sell trade and place your stop loss slightly above the previous swing high price.
- Close the sell trade near support levels, or utilize your own take profit method for sell trades.
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Traders_Dynamic_Index.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Traders_Dynamic_Index.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration