OPEN-SOURCE SCRIPT
Indicators: Traders Dynamic Index, HLCTrends and Trix Ribbon
1) Trix Ribbon [TrixRB]
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This was built on request. Many Stock/FX traders overlay multiple Trix lines to form the ribbon, this indicator makes it easy.
Also, optionally this can plot a BollingerBand on Trix_1.
More info on Trix:
stockcharts.com/school/doku.php?id=chart_school:technical_indicators:trix
2) High/Low/Close Trend Indicator [HLCTrends]
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Simple indicator using EMAs of H/L/C. If blue line is above the red line, the trend is up, else down. Keep an eye on the zero line too.
3) Traders Dynamic Index [TDI]
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This hybrid indicator helps to decipher and monitor market conditions related to trend direction, market strength, and market volatility.
TDI has the following components:
* 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:
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* 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:
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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
More info on a complete system using TDI:
forexmt4.com/_MT4_Systems/Traders Dynamics/TDI_1.pdf
===============================================================
This was built on request. Many Stock/FX traders overlay multiple Trix lines to form the ribbon, this indicator makes it easy.
Also, optionally this can plot a BollingerBand on Trix_1.
More info on Trix:
stockcharts.com/school/doku.php?id=chart_school:technical_indicators:trix
2) High/Low/Close Trend Indicator [HLCTrends]
===============================================================
Simple indicator using EMAs of H/L/C. If blue line is above the red line, the trend is up, else down. Keep an eye on the zero line too.
3) Traders Dynamic Index [TDI]
===============================================================
This hybrid indicator helps to decipher and monitor market conditions related to trend direction, market strength, and market volatility.
TDI has the following components:
* Green line = RSI Price line
* Red line = Trade Signal line
* Blue lines = Volatility Bands
* Orange line = Market Base Line
Trend Direction - Immediate and Overall:
----------------------------------------------------
* 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:
----------------------------------------------------
* 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
More info on a complete system using TDI:
forexmt4.com/_MT4_Systems/Traders Dynamics/TDI_1.pdf
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970
List of my indicators at Appstore: blog.tradingview.com/?p=970
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.