To add this indicator to your charts: Click the 'Add to Favorite Scripts' button down below this description.
This indicator places BUY and SELL tags on the chart using the Trader's Dynamic Index Indicator created by Dan Malone. This indicator is RSI based and is best used with ranging markets and will tend to create a trail of false signals (colored tags) when price is at it's extremes for a long period of time. Utlizing some other indicator such as a volume based one will assist in optimizing signals. I have used this indicator with success for a few years, however I do not plan to support users of this indicator. It is offered as-is.
I use this indicator for:
Counter Trend Trading (colored tags)
Detecting Best Entries to Follow Trend (gray tags)
Trading Extreme Overbought/Oversold Price Areas (bright colored tags)
Detecting RSI Divergences (circles)
SETTINGS Custom Timeframe - Default current chart timeframe. Custom selection only works when selecting a smaller timeframe than what is on the chart. Lengthrsi - RSI Period Lengthband - TDI Band Length Lengthrsipl - TDI Price Line Length Lengthtradesl - TDI Signal Line Length
There are 5 Built-In Notifications already created for you and are available by simply right clicking in the indicator area and selecting:
Condition: TDI Alerts v1
Then 1 of the 5 Alerts: BUY Signal - All Green colored tags SELL Signal - All Red colored tags Gray BUY signal - All Gray BUY tags Gray SELL signal - All Gray SELL tags All Signals - All colored and gray tags
Hi! I would like to make a backtesting strategy witht his indicator and TSI from @Bjorgum, is it possible to talk to you and try some specific conditions? Thank you for sharing and All the best!!
Hi, Can you get alerts when price touches 68 and 32 level?
Bonavest
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Just FYI - I believe the Alerts are no longer working properly for some reason. I haven't been using them personally since being in front of the charts while trading. The chart signals are still doing their thing and profitable for me.
Bonavest
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@Bonavest, All good... it was on my end. Alerts working as intended.
whuman
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What are the triangles for? They seem to be set for possible best stop loss positioning.