TDI with Alerts Indicator for MT4
Table Of Contents:
- TDI with Alerts Indicator for MT4
- Some of the advantages of using the TDI with Alerts indicator for Meta Trader 4
The TDI with Alerts Indicator for MT4 is an indicator based on the Time Dynamic Index indicator in meta trader 4. The Traders Dynamic Index (TDI) is a tool that seeks to gather the sentiment of all the traders at any particular time and base a trading decision off of it. The TDI itself is based on the RSI and can be used to detect trends based on how many other traders are long or short at the same time.
A very important thing to be noted is that the TDI with Alerts Indicator for MT4 will repaint its signals if the trend changes within the same candle it produced the signal and so a trader needs to be very patient for the current candle where the signal was developed to complete before taking trade if the signal is still there.
Some of the advantages of using the TDI with Alerts indicator for Meta Trader 4
The TDI with Alerts Indicator for MT4 is printed on the chart directly in its own window. This means that the trader has his own screen real estate for further technical analysis. This means that the trader can also include any indicators or systems they have for their technical analysis without being worried that the price action on their chart may become hidden from them by the too many indicators on their charting screen.
Another really good benefit is that the TDI with Alerts Indicator for MT4 can efficiently work seamlessly with other price indicators, especially those that help to analyze trend direction. This means that the TDI based system can combine with such indicators to create a more complete system that can then be used by the trader to do more accurate trade entries and exits.
Given that it is an MT4 based indicator, the TDI with Alerts Indicator for MT4 is very stable, doesn't crash a user's chart and still works seamlessly even when it is installed on as many as 10 to 12 different charts on the same MT4 software.
Traders need to understand exactly how the TDI with Alerts Indicator for MT4 is color coded if they will make a profit using the indicator to trade. Despite the fact that a lot of traders are afraid of the TDI indicator itself, an understanding of this new indicator would help the trader generate profits since this is built quite differently so that it can achieve a higher level of accuracy although it is still TDI based. It consists of 2 separate indicators fused together in a single window with several colors that the trader needs to get acquainted with so that they do not get confused when using the indicator during their trading day.
The first indicator is the Bollinger Bands and it has Blue colored edges with a center line colored yellow. This is used to map the direction of the price at any given time effectively differentiating the two different sides of the Bollinger Bands into the sides for a fierce uptrend and a fierce downtrend and the period when the price just alternates between both during a slow or ranging market.
The second indicator used is the Traders Dynamic Index. A lot of traders already believe that although the TDi looks good at first, that it changes its signals mid trading, effectively turning in on the trader. This indicator is actually built differently with that flaw in mind. The TDI with Alerts Indicator for MT4 will give the trader signals that are actually reliable using a twist in its two signal lines or when they cross each other either in the upward direction for buys or in the downwards direction for sells.
The two signal lines of the TDI with Alerts Indicator for MT4 are colored red and green, with the green line being the faster line and the red line being the slower line. This way, the TDI with Alerts Indicator for MT4 helps to get traders into trends, buy trends when the green line crosses the red line from below and sell trends when the green line crosses the red line from above. That way, the trader immediately gets a visual feel to how price moves and what moves the trader would have taken or missed.
Using the TDI with Alerts Indicator for MT4, the trader must always remember that the signals should only be taken right after the candles that produced them have closed. This keeps the trader on the safe side of the market. Also, a more powerful way to use this indicator would be to use it in multi-timeframe mode. Using it in multi-timeframe mode means that the trader only takes trades where the higher timeframe trend aligns perfectly with the lower timeframe trend or when two exact similar moves happen simultaneously on both a higher and a lower timeframe. This helps to keep the trader in line with the higher timeframe trend since not being in line with higher timeframe trends is one of the reasons why traders are always losing money in the markets.
In terms of how easy the TDI with Alerts Indicator for MT4 is to use, traders will find that the indicator is easy to use compared to other indicators given that it gives very straight forward signals to the trader. This allows traders of very varying skill levels to use the indicator. This means that the indicator can be used by beginner traders as well as very advanced traders and all the others in between.
Watching the TDI with Alerts Indicator for MT4 on 3 to 4 different time frames of one currency pair can teach a trader the slow turns of the market and how gradually, the smaller time frames can turn the bigger timeframes around. This, however, takes a very long time to assimilate and a trader would have to put in the required time and commitment necessary in order to reap the benefits attached to trading with this system as it can lead to very nice profits once a trader learns how to use it properly.