NRTR Gator Indicator
NRTR Gator Indicator For MT4 plots forex reversal trading signals combining the classic Gator indicator and NRTR theory. Provides entry and profit targets
Description
The NRTR Gator indicator for MT4 plots the trading signals based on the Nick Rypock Trailing Reverse to detect potential trading reversals. It plots reversal trading signals with potential profit targets. The indicator changes the candlestick color for reference; however the trading signals are based on the Gator calculation and add candle color as a filter.
The indicator entry and exit trading signals are easy to interpret and works well with new and advanced forex traders. Additionally, it works well on all intraday price charts with smaller profit targets. On the other hand, higher charts provide a reasonable profit target.
NRTR Gator Indicator For MT4 Trading Signals
The indicator plots the bullish candles the green and red bearish candles. However, traders may ignore the color change and look into the star signal for entry above or below the candle and dot signal for potential profit target.
If the indicator plots a star above the candle it indicates a potential bearish signal. So, forex traders should enter the market with a sell trade and wait for the price to reach a dot signal to book profits. The indicator does not have a stop loss point, so the best strategy is to stop at the previous swing high.
Similarly, if the indicator plots a star below the candle indicating a bullish trading signal, traders should enter buy positions.
An important note about the candle color: trades may ignore the candle color which is only for visual understanding. Alternately, traders can choose to trade the signals only if the candle color corresponds with the direction of trading signal.
Conclusion
In summary, the NRTR Gator indicator for MT4 plots the reversal trading signals combining the Gator with the NRTR theory.