We examine the transmission characteristics of a NOLM device using a symmetrical coupler, highly twisted fiber, and a quarter-wave (QW) retarder plate introducing a polarization asymmetry in the loop. We demonstrate high dynamic range with controllable transmissivity, and good stability over long times. We experimentally study the transmission behavior for different input polarization states and distinguish between different polarization components of the output beam. Experiments are in good agreement with our theoretical approach previously published. Appropriate choice of the input and output polarizations allows a very high dynamic range. The adjustment of the QW retarder and input polarization enables tuning the critical power over a wide range.