For more screenshots please visit: https://t.co/JQacXoMsNG
The TPR(Trend Pullback Reversal) indicator forms a possible price trend with Pullback and Reversal signals.
The NinjaTrader 8 version comes with a unique band and center line as additional features.
TPR works on all timeframes and all symbols and all type of bar chart.
TPR never repaints.
There are 4 Parameters:
- Period: number of bars used for calculations
- Factor: Multiplier factor, small number for short trend, large number for long trend
- ShowSignal: enable to show the signal dots
- ShowBand: enable to show band and center line
This is a video of how TPR indicator on NT8 performs in a relatively long-term downtrend of Forex AUDUSD 5min chart.
https://youtu.be/ZMHcQLto_1E
You may think it looks like supertrend or braintrend, right?
Actually, most trend indicators have similar plot, the differences are where and when they give signals.
Unlike other trend indicators, TPR will focus on main trend and filter out most minor price movements. The green cross-line represents an uptrend, the red cross-line represents a downtrend and the blue dots are signals for possible reversals.
The additional band and center line may look like bollinger band, but the TPR band algorithm is completely different from bollingerband. There is no standard deviation in TPR band calculation.
You can see how TPR reacts to price movement from the following images.
The orange and cyan dots give possible reversal signals.
