This indicator is also often referred to as the “100 pips FX gainer”. It is a complete trading tool that is made chiefly for trading the FX markets fully and consistently.
The indicator is founded on a system that foretells the price movement in advance. The principal working of this indicator is based upon price action and mt4 custom indicators.
Pipsfxgainer indicator has an efficiency of 80 to 85%. The indicator is optimized for use on 15 min, 30 min, 1H, 4H, daily. However, it also works fine on 1 min, 5 min timeframes but the signals that it will provide on these two timeframes will not be too much precise. The other thing is that unlike some indicators which work well on specified currency pairs, this indicator is suitable for all the currency pairs.
This indicator comes in a file that contains two executable files that include: pipsfxgainer5.ex4 and pipsfxgainer4.ex4. The pipsfxgainer5.ex4 is for use if your account is with a five digit broker while the pipsfxgainer4.ex4 is for use if your broker is a four digit broker.
When you insert the indicator on your trading chart, the indicator will be displayed on a separate chart. It displays bars that are white and blue in color with varying lengths. The blue colored bars indicate a rise in the market prices while the white bars indicate a drop in the market prices.
Fig.1. The Pipsfxgainer indicator.
When trading using this indicator, it is of paramount importance to take the following into consideration:
- First, you should identify the trend that is predominant in the market. You should always trade according to the trend.
- Then, you should ignore all the signals that the indicator may give that are against the current trend.
- Whenever the market is flat (no major swings in the market prices), avoid trading.
Just to ensure that this is clear, let as for instance take a stance when the Trend is up and then all of a sudden you get a “sell” signal. You should automatically ignore this signal. And wait for a “buy” signal so that you can enter an order. This is the most important rule.
When it comes to identifying the trend you can use custom indicators like moving averages, RSI and any other of your choice that you trust and is precise.
Placing positions using Pipsfxgainer indicator
The 100 pips FX gainer generates signals by changing colors. The trader is supposed to place an order when there is a popup alert.
Long trade signals occur when the 100 pips FX gainer changes its color from White to Blue. BUT YOU HAVE TO CONFRIM THAT THE TREND IS UP.
Short trade signals occur when the 100 pips FX gainer changes its color from Blue to White. BUT YOU HAVE TO CONFRIM THAT THE TREND IS DOWN.
After placing your orders, you have to place stop levels. You can either opt to use the stop level printed in the popup alert window, which is usually the previous candle high or low plus extra value adding your trading style which can be changed from the indicator’s parameters.
You may also opt to place your stop using strong support and resistance levels which is a better style of trading.
Fig.2. Placing trades using the Pipsfxgainer indicator.
Download Free Forex Pipsfxgainer Indicator