Techniques are describe for establishing an overall label switched path (LSP) for dynamic load balancing of network traffic being sent across a network using the a resource reservation protocol such as Resource Reservation Protocol with Traffic Engineering (RSVP-TE). The tunnel may be a single RSVP-TE Label Switched Path (LSP) that is configured to automatically and dynamically load balance network traffic across different sub-paths of the RSVP-TE LSP over the network. The ingress device of the overall multi-path LSP can analyze traffic statistics to determine when a network traffic demand differs from a currently reserved bandwidth of the overall multi-path LSP by at least a threshold amount, and can automatically add or remove a sub-path from the overall multi-path LSP to adjust capacity of the overall multi-path LSP to correspond to the currently reserved bandwidth.