TMA Centered Bands Indicator (MT4) - Free Download - Best Forex Indicators

Introduction to the TMA Centered Bands Indicator

The TMA Centered Bands Indicator draws a trend-following price channel along with the dynamic support and resistance levels. It helps to understand the trend conditions and provides potential areas to enter the market.

The TMA Centered 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.

Closer look on the TMA Centered Bands Indicator

As you can see, the TMA Centered Bands Indicator consists of the lower band, the upper band, and the center TMA trendline. That trendline is located in between these bands and defines whether the trend is bullish (the line is green) or bearish (the line is red). The bands act as dynamic support and resistance levels, and one should pay attention when a price rejects levels defined by these bands.

These are customizable inputs in the settings window:

TMA Centered Bands Indicator: Buy Signal

Follow these steps for a long trade:

Price rejects the lower band
Bullish price pattern is formed
Meantime, the center TMA trendline turns green
Buy trade is now triggered
Set stop loss a few pips below the most recent market low
Take profit after reaching opposite band use your own method of trade exit

TMA Centered Bands Indicator: Sell Signal

Follow these steps for a short trade:

Price rejects the upper band
Bearish price pattern is formed
Meantime, the center TMA trendline turns red
Sell trade is now triggered
Set stop loss a few pips above the most recent market high
Take profit after reaching opposite band use your own method of trade exit

How to set up the TMA Centered Bands indicator in MetaTrader (MT4)?

Installation Guide

Download the TMA Centered Bands.rar archive at the bottom of this post, unpack it, then copy and paste the TMA Centered Bands.ex4 or TMA Centered 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.

Summary Of That Forex Indicator

The TMA Centered 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.