JustUncleL

Traders Dynamic Index Indicator Alert v0.1 by JustUncleL

This is a trend trading indicator+alert utilising the Traders Dynamic Index ( TDI             ), Price Action Channel (PAC) and Heikin Ashi candles.
About 6months ago I came across the use of TDI             in "E.A.S.Y. Method" that I found in forexfactory forums: http://www.forexfactory.com/attachment.php?attachmentid=686629&d=1303831008
and I was able to set up a chart based on the specifications by using Kurbelklaus scripts. However, I found that the alerts were being generated one or two bars too late, so at that time I was not successful using it with Binary Options. A few months later I found a variation of the method in the forecfactory forums which is able to generate the alerts a bit earlier, so this indicator is a modification of that early detection version.

The indicator can optionally use Heikin Ashi candles only for all it's calculation. I would recommend viewing the chart with Heikin Ashi candles, these smooth out the trends and makes trends very clear.

I found that this method it works good with most currency pairs or commodities and with 5min+ timeframe charts. I would suggest expiry of 2 to 6 candles.

ALERT GENERATION:
=================

The TDI             (Traders Dynamic Index)
---------------------------------------------
Volatility Band VB             (34), color: Blue, buffer: UpZone, DnZone
Relative Strength Index RSI (13)
RSI PRICE LINE (2), color: Green, buffer: mab            
RSI TRADE SIGNAL LINE (7), color: Red, buffer: mbb            
MARKET BASE LINE MID VB             (34), color: Orange, buffer: mid

Indicator SignalLevels:
-------------------------------
RSI_OversoldLevel : 22 (normally: 32)
RSI_OverboughtLevel : 78 (normally: 68)

Alert Conditions:
-----------------------
Strong Buy : yellow
Medium Buy : aqua
Weak Buy : blue

Strong Sell : fuchsia
Medium Sell : purple
Weak Sell : black

Hints on How to use:
----------------------------
- When a Medium or Strong alert is generated and MACD histogram colour matches the direction
of the alert (optional auto filter), then place trade in direction of alert candle and MACD .
- I use the multi-Hull MA's for overall trend direction confirmation.
- Best positions normally occur near the MACD (5,15,1) Histogram crossing the zero line.
- The optional coloured Dots along the bottom of the indicator represent the first alert
of this type that was generated in this sequence.
- It is advisable to trade in the direction of the main trend as indicated the HULL MA red cloud:
if red cloud underneath PAC then BULLISH trend , if red cloud above PAC then BEARISH trend .
- Selecting the HeiKin Ashi candles does affect the MACD and MA caculations, so if you select
normal candles the result chart will change. You can still Optionally select to use Heikin Ashi
for calculations.
- When using the Heikin Ashi candles, a good buy entry is indicated by long top wick and no bottom wick
for bull (green) candles and good sell entry is indicated by long bottom wick and no top wick for
bear (red) candles.
- When the MACD histogram is flat and close to zero line,
this indicates a ranging market, do NOT trade when this occurs.
- When the PAC channel on the main chart is spread apart widely, this is an indication
of extreme volatility and choppy chart, do NOT try to trade during these periods.
A choppy chart is also indicated by Heikin Ashi candles with long wicks on both sides
of the candles.
- You can specify what strength level Alerts are generated (default 2):
Level (1) means only generate Strong Alerts only.
Level (2) means generate Strong and Medium Alerts.
Level (3) means generate Strong, Medium and Weak Alerts.
Release Notes: This is a cumulative update of some minor changes to bring this popular indicator up to Date.
  • Added new alerts for Buy and Sell (Long and Short) signals seperately.
  • Upgraded to version 3 Pinescript.
  • Added work around patch for opaque bar colouring issue.
  • Modified code so when viewing Top chart with Heikin Ashi candles, calculations can still be based on standard candles, unless Heikin Ashi calculation option selected.
  • Optimised MACD direction calculation.

HINT: This script generally works well with some Price Action Channel on the main chart, try combining it with my "Price Action Channel Master" or "MA Ribbon" indicators.
Release Notes: 1.3
  • Modified Built-in Alarm alerts so that it only signals occur on the last completed alerted candle. This prevents some false alerts and multiple alerts being generated. When setting alarms I suggest using Frequency "Once per bar (on condition)" to get the earliest signal possible.
  • Added optional alternative alert long/short spikes that only occur on the first Long (blue spike) subsequent long signals are ignored until next Short signal cancels it, visa versa for a Short (red spike).

This is the suggested method for setting up Alarms for the Built-in Alerts:
https://postimg.org/image/8gven3qwd/

This is the suggested method for setting up Alarms for the Long/Short Spikes:
https://postimg.org/image/5libg8mwd/
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Brilliant script, thank you!
Reply
A much precise question for you Uncle, I am learning this strategy and works great, Just learned how to make a custom alert and I´ve made a code but don´t seem to work fine.
// Calc breakouts
TP = crossunder(r, upZone)

What I wanted is to have an alert when RSI crosses Down the VB Upper Channel. How can i complete it? Thanks
Reply
Wow Mr. Uncle every time I look for a good setup indicator I find your coding! Congrats! As a newb to scripting in general, I am wondering if you could help me, I like a lot this indicator and works for my strategy, but just one minor change I´d like to make but I can´t even find how to change it. I like the alerts long and short spikes, but I find more profitable if we can use it the RSI PL is the one that determines the cross alert condition, not the TSL SIGNAl as it is now. What happens is that don't understand scripting much, so i try to find TSLSIgnal in condition but no clue. ho to do it.. Please, can you point me what to change and where to look for it in the script? So much appreciated, really!
Reply
Sir, u r an amazing programmer.. Hats off to u...
Reply
Thanks for this great script uncle
Reply
May I have access please?
Reply
when I click the share button I dont see MAKE IT MINE button ?
Reply
Hello Uncle,
Where is the link for 2 COLOR MACD ?
+1 Reply
Had tried this script for 2 days, big thanks for the taking the time to create this little gem. Now it brings a new perspective for the Heikin Ashi candles and making entry decision much more easier. One question though, is it possible to create an alert for green candles?
+1 Reply
Is it possible to have an option to just have arrows under bars for buy signals and over bars for sell signals,
with different configurable color options ?
Reply
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