Another important variation that can be included using the previous example is the round arpeggio. This arpeggio has been used by several important composers from Sor, Aguado, Giuliani, Carulli etc. in the classic period through to Villa-Lobos in the twentieth century.
In order to achieve an effective round arpeggio, grip the right hand fingers on their respective strings, i.e, i on #, m on @ and a on ! and, after having plucked with p, release i whilst still gripping m and a. Follow by releasing m and finally a. On the return part of the arpeggio, m and i pluck without gripping as shown in the example below. Obviously, this should be practiced slowly before working up to the desired speed.
(using Round Arpeggio)