Introduction to the FL TMA Bands Indicator
The FL TMA Bands Indicator is an effective forex price channel indicator. When it comes to trading with that FL TMA Bands indicator, there is not much philosophy. As a general rule, sell trades occur at the touch of channel the upper band, and conversely, buy trades take place when the price reach the lower band of the channel.
The FL TMA Bands Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How does it work? How to apply in trading?
Trading Rules Explanation
The approach with the FL TMA Bands indicator is trading from the first band to the second band. Price levels that are difned by these bands are often respected as a dynamic support/resistance levels. Therefore, these levels often turnout as a solid swing areas of the market.
Follow these steps for a long trade:
- Slope of the channel is upwards
- Price hits the lower FL TMA Band
- A bullish price action takes place
- Price swings higher from recent low swing
- Buy trade is triggered after the above conditions are met
- Set stop loss a few pips below the last low point of the market
- Take profit or exit trade whenever the price reaches upper FL TMA Band
Follow these steps for a short trade:
- Slope of the channel is downwards
- Price hits the upper FL TMA Band
- A bearish price action takes place
- Price swings lower from recent high swing
- Sell trade is triggered after the above conditions are met
- Set stop loss a few pips above the last high point of the market
- Take profit or exit trade whenever the price reaches lower FL TMA Band
As always, to achieve good results, remember about proper money management. To be a profitable trader you need to master discipline, emotions, and psychology. It is crucial to know when to trade, but also when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility conditions, beyond major sessions, exotic currency pairs, wider spread, etc.
How to set up the FL TMA Bands indicator in MetaTrader (MT4)?
Download the FL TMA Bands.rar archive at the bottom of this post, unpack it, then copy and paste the FL TMA Bands.ex4 or FL TMA Bands.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The FL TMA Bands indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex MT4 indicators to download and try.
Download Free Forex MT4 FL TMA Bands Indicator
To download the FL TMA Bands Indicator for Metatrader 4 (MT4) for free just click the button below: