The NRMA Stop and Reverse MT4 forex indicator is a buy/sell signals stop and reverse trading indicator, a bit similar to the Parabolic SAR indicator but this one generates great signals.
The system is composed of dots that are aligned above or below the price.
- Dots aligned below the price suggest bullish price action, traders go long
- Dots aligned above the price suggest bearish price action, traders go short
The NRMA forex indicator is user friendly and easy to understand for anyone.
The GBP/USD H4 chart below displays the NRMA Stop and Reverse forex indicator in action.
Basic Trading Signals
Signals from the NRMA Stop and Reverse forex indicator are easy to interpret and goes as follows:
Buy Signal: Open a long trade position when the dots are positioned below the price.
Sell Signal: Open a short trade position when the dots are positioned above the price.
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
It might be wise to trail your stop loss up or down just below or above the dots (lock in profits).
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (K, Smooth, Fast, Sharp) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the nrma.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)