Indicator Meta Trader/Dynamic Index Traders
It is an amalgam indicator. This indicator is made in order to know about the variations and ups and downs in the rate of market. It gives information about the movement of trend, volatility and momentum. So, we can call it an indicator, which has all qualities, merged in it.
It is very comprehensive indicator. It can provide a lot of help. It makes the use of RSI. It makes calculations on the ups and down of the market. There are many sound alerts, which can be used by this indicator. So, we can avail a full picture of market value through it.
Parameters for Input:
• Period RSI (13 is default) this a time period in the form of bars used for RSI calculation.
• RSI_Price (default = MODE_CLOSE) — price type to use in RSI calculation.
• Band Volatility (34 = default) this is the parameter which is used for the calculation of volatility band. This parameter is not more than 20 to 40.if the value is low the band made from it will be curved.
• Price_Line RSI (2 = default) this is the time period based on the 1st movement.
• Price_Type RSI (MODE_SMA = default) it is the kind of average based on 1st movement.
• Signal_Line Trade (7 = default) this is the time average of 2nd movement.
• Signal_Type Trade ( MODE_SMA = default) this is the average of 2nd movement.
• AlertsUse (false = default ) if this value is true then there will be sound alarms. With sound, there will be a line cross of yellow and red color.
Trader Index has all the material, which is going to be needed by the trader. It has different types of tools like indicator of trend strength, indicator of trend direction as well as measurement of volatility tool. It is not very difficult to use.
You can get guideline for using this tool. Here are some important points:
1. Blue bands demonstrate the power of the trend — the wider they are, the stronger is the trend.
1. The power of the given trend can be shown by Blue color band. If the band is becoming wider than the strength is also getting higher.
2. But the presence of yellow color indicates that the trends are going to be changed. The trend will get changed after coming up to level 32. If the trend is going up then its color will be blue. The color of the trend will be bearish when it will go down to 68.
3. If there are signals having red and green lines then there will be a long duration of a trend. The green color joins the red from the bottom, it will show long period of a trend. On the other hand, cross-made from red to green shows the short period of time.
In case of scalping, the trend will go for a long time when the line green is on top of red. The trading will be a short time period when the line green is at the top of yellow and red color. The trade will be smaller when line red will be on the top of yellow and green line, if all the lines are not above to 50 than the trading will be medium.