True Direction Oscillator
True Direction Oscillator (TDO) is an index that measure price rate of change using the principle of “Pure Momentum“.
When a security price advance from 10 to 15 then price rate of change is 150% but when it declines back from 15 to 10 then price rate of change is 33.3% only. That is why technical analysis indicators like “Price Rate of Change” (ROC) or “Momentum” gives higher readings for ascending price movements than that given to descending ones. TDO fixes this problem to help traders at reading momentum correctly depending on a simple calculation method that explained in the next two steps:
- Center = (A + B) / 2
- TDO = 100 x (A – B) / Center
- TDO User's Manual: https://www.mql5.com/en/blogs/post/717970
- TDO F.A.Q & Parameters: https://www.mql5.com/en/blogs/post/722015
- TDO video library: https://www.mql5.com/en/blogs/post/722018
- Test the demo version and explore its features.
- TDO calculate pure momentum as percent, so it is used to compare different securities from different markets. (Ex: compare EURUSD with Gold & Dow Jones Industrial).
- TDO panel calculation depends on five different periods, to cover a wide range of market cycles and can be more effective at catching trends.
- TDO arrow appears when all TDO panel dots is in line for the first time. This feature reduces the number of false zero-line cross signals to their lowest number.
- Sound, email alerts when trend strengthens and when arrow signals appear at the beginning of a new trend.
- You can easily switch between FX pairs by pressing in the Symbols Button. You can choose to open the chart in a new window
- You can add a Standard Deviation Channel or a Linear Regression Channel easily by pressing the Channel Button.
- You can add Grid from different levels of round numbers.
- You can add support & resistance levels.
- Well-designed parameters to help user easily navigate between them.
- TDO code is revised to make sure that it will not consume user's PC memory.
- TDO arrows do not repaint or recalculate its results.
- Buy / Sell when trading arrows appears.
- Add to position when TDO Panel is in-line.
- Use TDO Utilities like: Channels, Grid to find target and stop loss for your positions.
TDO Parameters Map
To see the full parameter list, click here:
1.TDO Style Settings.
- First TDO Period [Min =1 / Max = 10]: This the first cycle in TDO Panel. Default is 10.
- Max. Candles to Draw [Min = 161]: The least number of candles to be in the chart history to draw TDO.
2.Arrows Alert & e-Mail Settings
3. Panel Alert & e-Mail Settings
4. Buttons Style Settings
5.Symbol Changer Inputs
- Window to Show Symbols Panel: Show Symbol Buttons in Main chart window or in TDO Window.
- Button Click Action: Open chart on the same window or in a new window.
- Symbols Source From: Get symbols from custom symbol list or from Market Watch.
- List of symbols (separated by “;”): If you choose symbols from a custom list then separate between symbols by “;”.
- Buttons in a Horizontal Row [Min=(1)]: Number of buttons to show in a row.
- Time-Frames to Show [Min=(1) & Max=(9)]: Default is seven.
- Channel Kind: Choose between Standard Deviation Channels or Linear Regression Channel.
- Channel Ray: To show the channel as a ray.
- Channel Length: Number of candles used in channel calculation. Default is 40.
7.Grid Button Settings.
- Sub Grid Levels Count: You can add from zero to ten sub levels between main grid levels.
8.Zig Zone Button Settings.
- Zig Depth: Default is 13.
- Zig Deviation: Default is 8.
- Zig Backstep: Default is 5.