JakemeC

TDI - Traders Dynamic Index [TradeWithJay] www.tradewithjay.net

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This hybrid indicator helps to decipher and monitor market conditions related to trend direction, market strength, and market volatility .

* Green line = RSI Price line
* Red line = Trade Signal line
* Blue lines = Volatility Bands
* Orange line = Market Base Line

Trend Direction - Immediate and Overall:
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* Immediate = Green over Red...price action is moving up.
Red over Green...price action is moving down.
* Overall = Orange line trends up and down generally between the lines 32 & 68. Watch for Orange line to bounces off these lines for market reversal. Trade long when price is above the Orange line, and trade short when price is below.

Market Strength & Volatility - Immediate and Overall:
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* Immediate = Green Line - Strong = Steep slope up or down.
Weak = Moderate to Flat slope.

* Overall = Blue Lines - When expanding, market is strong and trending. When constricting, market is weak and in a range. When the Blue lines are extremely tight in a narrow range, expect an economic announcement or other market condition to spike the market.

Entry conditions:
----------------------------------------------------
* Scalping - Long = Green over Red,
Short = Red over Green
* Active - Long = Green over Red & Orange lines
Short = Red over Green & Orange lines
* Moderate - Long = Green over Red, Orange, & 50 lines
Short= Red over Green, Green below Orange & 50 line

Exit conditions:
----------------------------------------------------
If Green crosses either Blue lines, consider exiting when the Green line crosses back over the Blue line.

* Long = Green crosses below Red
* Short = Green crosses above Red
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// 
// Modified by JakemeC

study("TDI - Traders Dynamic Index [TradeWithJay]", shorttitle="TYJ TDi")

rsiPeriod = input(13, minval = 1, title = "RSI Period")
bandLength = input(34, minval = 1, title = "Band Length")
lengthrsipl = input(2, minval = 0, title = "Fast MA on RSI")
lengthtradesl = input(7, minval = 1, title = "Slow MA on RSI")

src = close                                                             // Source of Calculations (Close of Bar)
r = rsi(src, rsiPeriod)                                                 // RSI of Close
ma = sma(r, bandLength)                                                 // Moving Average of RSI [current]
offs = (1.6185 * stdev(r, bandLength))                                  // Offset
up = ma + offs                                                          // Upper Bands
dn = ma - offs                                                          // Lower Bands
mid = (up + dn) / 2                                                     // Average of Upper and Lower Bands
fastMA = sma(r, lengthrsipl)                                            // Moving Average of RSI 2 bars back
slowMA = sma(r, lengthtradesl)                                          // Moving Average of RSI 7 bars back

hline(32)                                                             // Oversold
hline(50)                                                               // Midline
hline(68)                                                           // Overbought
hline(63)
hline(37)
upl = plot(up, "", color = blue)                              // Upper Band
dnl = plot(dn, "", color = blue)                              // Lower Band
midl = plot(mid,"", color = orange, linewidth = 2)      // Middle of Bands

plot(slowMA,"",color=red, linewidth=2)                       // Plot Slow MA
plot(fastMA,"",color=green, linewidth=2)                         // Plot Fast MA

fill(upl, midl, green, transp=95)                                         // Fill Upper Half Green
fill(midl, dnl, red, transp=95)                                       // Fill Lower Half Red
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