Pipsover - MetaTrader 5 Expert | Forex Indicators Download - MT4/MT5 Resources

The author of the idea — Yuri Reshetov , the author of the MQL5 code — Balabashkakon .

Pipsing intelligent trading system. It works based on iChaikin (Chaikin Oscillator) and iMA (Moving Average, MA) indicators.

It works on smaller time frames. . Default settings are suitable for AUDUSD M5.

This strategy uses the Chaikin Oscillator and a 20-period moving average to try to identify moments of potential trend reversal or rollback. To do this, the EA first checks the Chaikin oscillator and if it exceeds a certain value, then the price crosses the moving average and the previous candle reverses, there is a rollback or reversal. Therefore, the EA places orders in the direction specified by the previous candle. If you suspect that there will be a rollback in the opposite direction to the position after opening a position, lock the opposite position. In this case, a strong trend will hit one of the stops and provide the opportunity to earn additional spreads.

For example, why not use RSI to achieve the same goal? Because RSI does not take into account market activity, only range. However, the Chaikin Oscillator takes trading volume into account. During an uptrend, the RSI will repeatedly indicate an overbought condition, while during a downtrend, the RSI will repeatedly indicate an oversold condition, i.e. it goes against the trend. Therefore, if you try to use it to capture reversal moments, you will have multiple false triggers in a row before the trend actually reverses. In range-bound markets, RSI is always inferior to Chaikin.

Attachment download

📎 pipsover.mq5 (19.87 KB)

Source: MQL5 #17163