This indicator coded for the MetaTrader 4 and 5 platform belongs to the paid category and has a specific way of giving signals and trading use. The first version is published on the 3rd of July 2019, it is not a very old indicator but has received some attention. The developer is Janusz Trojca from Poland now under the team name of InvestSoft. This team has a total of 10 products with good ratings, some of them complement the TPA indicator for a complete trading system. As the name describes the indicator is based on the Price Action strategies known for the use of support and resistance lines. The authors developed a blog website investsoft.eu/ with several articles about the TPA indicator and how to use it in conjunction with others.
The page presenting the indicator on the MQL5 may look too complicated and probably will turn away customers looking for a simpler solution or just do not want to invest time learning how to interpret the signals given by the TPA indicator. The developer first wants to point out that TPA is not repainting and gives signals once the candle is closed. It can be used as the confirmation indicator but also as an exit. There are multiple ways a trader can use the signals. TPA is versatile when it comes to where it is used and on what timeframe. This means it is universal.
TPA is presented as a tool that is not the mainstream, thus avoiding the common techniques used unsuccessfully by the 90% of traders. These are characterized as misleading, most of the traders do not make a significant success if any, just because they are using the tools market makers know about and predict. However, the page does not say anything about the indicator’s exact strategy and formulas. The latest update is version 2.1 from November 2019 giving the indicator a cleaner code, the TAP line, and performance optimizations.
TPA indicator developers made a Telegram group chat for owners of the indicator where trading and other support are delivered to those that need it. Since the indicator is intended for those that know a bit about trading or for those that are willing to learn, it has the guide that is not short and could be harder to follow for some users. The demo is available and mentioned that even it could be tested in the Strategy Tester module of the MT4, the results do not count for the other factors traders implement when trading. Therefore, it is not just a plain signal following, the results in the simulation may not be valid.
In the blog article manual for the TPA indicator, we can see the scope of usage. It is essentially a trend following strategy using higher timeframe filters, price levels, risk management, and other measures outside the indicator function. The TAP line is added as the filter to counter small corrections that do not change the bigger underlying trend, it is a noise that should be filtered. The main idea is to follow the market makers and big trends they produce. 10 questions are designed for you to follow the logic of trading and using the TPA indicator.
According to them, the TPA line slope determines if the market is ranging and if there is a trend to follow. The higher timeframe is also important to analyze. Other steps are required too and involve subjective analysis of other signals, such as Fibonacci levels. The manual is also written in a hard to read English and not everyone can understand what is required. Therefore, this indicator is not for beginners. Many will be in doubt with the subjective interpretation of inconclusive TPA signals. There are some pictures as examples to see how the TPA line on 50 period acts as a rebound level, considered to be used by many market makers.
The indicator price is $198 for 5 activations or to rent for one month for $40. The developer states that the demo may not show the valid results in the Tester module but it does not mean trader cannot use and try the Demo without the Strategy Tester.
As the indicator is not explained very well and it requires some trading knowledge, it does not receive the popularity as some other indicators. The higher price is also a barrier for more indicator users. For those that understand and have used for this one after the demo trial, it is not a high price to pay. As for the rating, the TPA indicator has 4.5 stars out of 38 reviews. The review sample is high enough to have a representative image of user satisfaction. We have found only 2 users with a 1-star rating but did not disclose why the TPA is bad. The rest of user reviews that are not perfect state that TPA does not show the exit points. In our opinion, TPA has potential but requires a good amount of forward-testing and your own set of rules on how to interpret the signals. The support Telegram channel is a very good starting point if you decide to use this one, just do not expect to understand it very quickly if you are new to the scene.
This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/39932