Pip collector [LazyBear]

A simple but effective Forex strategy requested by user @pipcollector.

Suggested chart timeframe is 5mins.

Indicator marks potential long/short entries based on the following conditions:

  • Price above pip median ema on daily, 4 hour and 1 hour timeframe. These 3 timeframes and median EMA lengths are configurable.
  • Background color is set to GREEN (if option is enabled).
  • As soon as price touches or crosses the median ema , a GREEN arrow is shown to mark potential long.

  • Price below pip median ema on daily, 4 hour and 1 hour timeframe. These 3 timeframes and median EMA lengths are configurable.
  • Background color is set to RED (if option is enabled).
  • As soon as price touches or crosses the median ema , a RED arrow is shown to mark potential short.

  • Moving averages do not align on the 3 timeframes.
  • Background color is set to GRAY (if option is enabled)

I have noticed that this works well on other instruments too (anything trending), also on higher time frames. Feel free to leave any questions/comments on this below.

List of my public indicators:
List of my app-store indicators:
Remove from Favorite Scripts Add to Favorite Scripts
// @author LazyBear 
// List of my public indicators: 
// List of my app-store indicators: 
study("Pip collector [LazyBear]", shorttitle="PIPCOLL_LB", overlay=true, precision=6)
src=input(close, title="Source")
tf1=input("D", title="Timeframe 1"), tf2=input("240", title="Timeframe 2"), tf3=input("60", title="Timeframe 3")
lengthCenter=input(50, title="Center EMA Length")
lengthLower=input(20, title="Distance of lower line from center (pips)")
lengthUpper=input(20, title="Distance of upper line from center (pips)")
showBGColor=input(false, title="Background color on all EMA synch?")
ltfsrc=ema(src, lengthCenter) < src
stfsrc=ema(src, lengthCenter) > src
ltf1=security(tickerid, tf1, ltfsrc), stf1=security(tickerid, tf1, stfsrc)
ltf2=security(tickerid, tf2, ltfsrc), stf2=security(tickerid, tf2, stfsrc)
ltf3=security(tickerid, tf3, ltfsrc), stf3=security(tickerid, tf3, stfsrc)
ctfsrc=ema(src,lengthCenter), ctfsrcl=ctfsrc-lengthLower*pip, ctfsrcu=ctfsrc+lengthLower*pip
long=ltf1 and ltf2 and ltf3 
short=stf1 and stf2 and stf3 
plot(ctfsrc, color=blue, linewidth=2, title="Center EMA")
plot(ctfsrcl, color=red, linewidth=2, title="Lower")
plot(ctfsrcu, color=green, linewidth=2, title="Upper")
inrange(x)=>(x>=low and x<=high)
plotarrow(long and ((src==ctfsrc) or cross(src, ctfsrc) or (inrange(ctfsrc)))?low:na, maxheight=30, title="Buy Arrow",  colorup=lime)
plotarrow(short and ((src==ctfsrc) or cross(src, ctfsrc) or (inrange(ctfsrc)))?-high:na, maxheight=30, title="Buy Arrow",  colordown=red)
bgcolor(showBGColor?(ltf1 and ltf2 and ltf3)?green:(stf1 and stf2 and stf3)?red:black:na, transp=85)
As usual, nice work LB!
LazyBear PRO tradearcher
Thanks :)
Chart got squished while publishing, dont know why. This is how it looks.
dani_4x PRO LazyBear
This is amazing. Thank you for sharing. Please can you explain what the arrows mean?
Arrows mark the potential entry points. Better to filter this using your favorite indicator.
dani_4x PRO LazyBear
thank u :)
Wow! Just tried in on WTI daily chart.. Prette impressing win/lose ratio so far, but only did a quick test. Definitely gonna tried it out. Good job LB :D
Looks amazing if it doesn't repaint. Will surely test it out, thanks :)
LB, one question. What would be parameters to set to trigger buy and sell arrow alarms?
I just noticed there is a small typo in the name I used (I am calling both buy/sell arrows as buy arrows :) ).

You need to change line 28 in the script to below

plotarrow(short and ((src==ctfsrc) or cross(src, ctfsrc) or (inrange(ctfsrc)))?-high:na, maxheight=30, title="Sell Arrow", colordown=red)

After this, alerts can be set this way:

SHORT:: PIPCOLL_LB , Sell Arrow, Less Than, Value, 0
LONG:: PIPCOLL_LB , Buy Arrow, Greater Than, Value, 0
+3 Reply
Seleme LazyBear
Thanks mate, you're the boss
lleland PRO LazyBear
@LazyBear, How do you change the script? It's locked. Thanks
i used to trade the same idea, putting all the charts next to each other. this will make me relieved. well done mate!
LazyBear PRO AbdullahAljohani
I really enjoyed the its operating model, you could provide your template?
Not sure what you mean by template.

If you want to use this indicator, you can click on "Add to favorite scripts" and it will show up in your collection. Another way to add this is, from with in your chart, click on "Indicators" button (top toolbar) and type "pipcollector" in the search box. This will show up in the results. Click on it to add to ur chart.

If you want that chart layout, click on the "Share" icon (left side on the chart) and click on "Make mine" button to take a copy of this chart.
Costa78 LazyBear
Hello, I can not do the work script, could help? thank you
@Costa78 Open your chart, click on "Indicators" button and search for "pipcoll". It will show this indicator. You can click on that search result to add it to your chart.
This is really interesting and fantastic work! What purpose does the pip bands serve? How do we use them with this system?
LazyBear is any way i can use this indicator on MT4? Thanks
This is a great idea. However, I think it might be better served with a channel breakout focus instead. Perhaps 3 TF tiers of a MA of fractals or some kind of support/resis breakout measurement based on recent candles.
Hi Lazybear,
Are you aware that this indicator is repainting really badly. I tried to test it live and it's not a pretty Picture when Applied to real market. The background colors are shifting constantly back in time. Impossible to back test.
Do you have any idea of how to fix the problem?
What are the indicators values?
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