Introduction to the TMA CG NRP Indicator
The TMA CG NRP indicator is a custom technical analysis tool in forex trading. It works similarly to the Bollinger Bands. Its upper band reflects the overbought price level, and the lower band reflects the oversold price level. Additionally, this indicator show buy and sell arrows for trading signals.
The TMA CG NRP indicator utilizes the idea of swing trading and generates the signals in such a simpler way so even beginners or any level of experience traders can master it.
The indicator fits all kinds of timeframes and currency pairs, thus supports both scalping and day trading.
How does it work? How to apply in trading?
Trading Rules Explanation
Signals provided by the TMA CG NRP Indicator are really intuitive and will not cause you difficulties. Simply follow the suggestions below.
Buy Entry: First, the price should hit the lower band. Now, wait for the aqua color arrow pointing upwards. After the triggering candle closes, open long order. Set stop loss below the lower band zone.
Sell Entry: First, the price should hit the upper band. Now, wait for the yellow color arrow pointing downwards. After the triggering candle closes, open long order. Set stop loss below the upper band zone.
Exit Trade / Take Profit: Close your open position when an opposite signal occurs, or use your own preferred method of trade exit.
As always, to achieve good results, remember about proper money management.
When it comes to the best hours to use the TMA CG NRP Indicator, you can go with any, but we suggest London and New York sessions.
Example of EUR/USD Daily Chart
This screenshot below shows an example of TMA CG NRP in action. In conjunction with a 100 period exponential moving average.
How to set up the TMA CG NRP indicator in MT4?
Copy and paste the tma-cg-nrp-indicator.mq4 or tma-cg-nrp-indicator.ex4 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, that 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.
Click the link below:
The TMA CG NRP Indicator is well worth adding to your trading collection but remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, it will provide false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.