Pipsover
This tool for MetaTrader 5 is specifically engineered to streamline your trading operations. This Expert Advisor serves as automated trading software. It is utilized to monitor financial markets and execute trades based on predefined algorithmic rules, enabling precise position management without the need for constant manual oversight.
How to Setup and Use Pipsover
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
Description & Settings
Pipsing Expert Advisor. It works based on the iChaikin (Chaikin Oscillator) and iMA (Moving Average, MA) indicators.
It works on smaller timeframes.
. Default settings are for AUDUSD M5.The strategy uses the Chaikin Oscillator and the 20-period Moving Average to attempt to determine the moment of potential trend reversal or rollbacks. To do that the EA first checks the Chaikin Oscillator, and if it exceeds a certain value, the price goes over the Moving Average and the previous candle reversed, then there is either a rollback or a reversal is present. So, the EA places an order in the direction specified by the previous candle. If a position was opened and there is a suspicion of a rollback in the direction opposite to the position, lock is by an opposite position. In this case a strong trend will hit one of the stops and will give an opportunity to earn a few extra pips.
Why not use the RSI, for instance, to achieve the same goals? Because the RSI does not consider the market activity, and only considers ranges. The Chaikin oscillator, however, considers the volumes. During an uptrend the RSI will repeatedly indicate overbought state and during a downtrend - oversold state, i.e. it acts against the trend. As a result, if you attempt to use it to catch the reversal moment, there will be multiple false triggers in a row, before the trend actually reverses. In a ranging market, the RSI is always inferior to Chaikin.
