After an amazingly long drought where there have been few new Forex product releases and even fewer good Forex product releases, Pip Maker landed on my desk earlier this week, and I've spent a few days putting it through its paces.

I will say that when used on the time based charts (it was designed to run on the 1H chart and higher time frames) it does a decent job of getting into winning trades.  If I had one complaint with its performance, it is the same complaint that applies to pretty much all the products designed to work on time frame charts:

You need to wait for the candle to close to lock in the signal, and there are many times when the candle that will provide the signal chews up almost all the available pips on the trade before it closes.  That leaves you buying at the top of a move or selling at the bottom.

That's no way to make profits.

But overall it works pretty well on time based charts.  You get a choice of a conservative setup, a "normal" setup or an aggressive setup (3 different templates), and from what I saw, the "normal" setup seemed to work the best when I was watching it run on my charts.

But as most of you know, I am a Renko chart trader and have said many times that indicators that work well on time base charts work extremely well on Renko charts.

This is no exception.

And when I added in the Renko MACDots to act as a sort of confirmation on the trade signals, the results were remarkable (which means highly profitable).

Both MACDots and Pip Maker give off false signals on occasion. I don't know of any method or system that is indicator based that does not do this.

But when MACDots gives you a bad signal, Pip Maker rarely confirms.  And when Pip Maker gives off a false signal, MACDots rarely confirms.

So when both MACDots AND Pip Maker give off a concurrent signal, you have an extremely high probability of taking a winning trade.

I made a video that goes over all this, and it is going to be worth your 16 minutes to watch and see this in action.

So the trades have been easy to spot and profitable to trade overall (still had a couple of losers that cost around 20 points each), but overall, the signals are generating on price moves in the 25-40 point range, especially after the market opens at 9:30 a.m. (the Dow Jones market, which is the US30 for us FX traders).

I did modify the Pip Maker setup a bit, not changing the numbers but getting rid of some screen clutter that didn't add anything for me.

Take a look at the Inputs box for Pip Maker:

That's a lot going on, am I right?

This is what your chart will look like if you just load one of the templates onto your chart without modification:

I'm not a huge fan of grids showing up on my chart, but I do like seeing the Ask Line displayed (it helps see if the broker is widening the spreads while I'm trading) and also the Period separators (to help me find the daily highs and lows).

So I right click on the chart, select "Properties" which is the bottom option in the dropdown box that opens, and I de-select "Display Grid" and I select (put a checkmark next to) Show Ask line and Show period separators.

I'm also no big fan of the Arrows that Pip Maker displays, or that green box with my account information on display.  So I remove those.

To get rid of the arrows, go to the Inputs and locate the options for  ColorBUY and ColorSell.  In the screen-capture above they both display as Yellow (that may or may not be the default settings...I do not recall).  Double click on the color option and change each to "None" which is the option at the top of the color palette.  This will make the arrows disappear.

To get rid of the green box with account data inside, find the option for Show Board (it's the 6th option up from the very bottom).  Change the "true" setting to "false" and the box will disappear.

You might also want to disable some or all of the alarms which are built in. Simply change those settings from "true" to "false".

Then I added in the Renko MACDots and modified the levels to add the .8 and -.8 lines.  I've recently switched the color of the lines to White and made the lines the collection of long and short dashes, as those are easier on my old eyes.

And this is what my chart looked like today:

The first trade (where the 1st fuzzy yellow dot is located at the far left side of the screen) had a slightly delayed entry until the first Renko box closed over the Pip Maker line into the Purple Sell Zone.  It went 15 points but reversed so I got out at +5.  Second trade lined up perfectly between MACdots and Pip Maker and moved 25 points before reversing (I got out of the first 4 trades on the first reversal box). 3rd trade was a mistake as I jumped the gun and took the sell trade without MACDots support, but it worked out well and moved 40 and I got out at +30. 4th trade also moved well with full indicator support from both MACDots and Pip Maker and moved 50 points, I got out at 40.  I was up 90 on these 4 trades so I took Trade #5 and got out at +10 for an even 100 points over a time period of about 22 minutes.  Added to the 112 I picked up in the first 5 minutes after the open, today was a very good day.

The mutually confirming signals you get from both indicators is a huge confidence builder, and on choppy days you should still pick up some small winners (and maybe even adjust your mindset to just get out at +15 or +20 when you see it rather than ride price back to the entry and a break even result).

I am happy to recommend Pip Maker to everyone who is already trading the MACDots. I think this is one of those happy accidents where two non-related products can combine to create something that is bigger than either of them standing alone. Think of it as the Forex version of chocolate and peanut butter. Alone, each is great. Combined, you get Reece's Peanut Butter Cups, which is arguably the best candy on the market today.

So if you want to check out Pip Maker, click the button below.

And if you are one of the handful of people who still isn't trading the PV2 package, which includes the Renko MACDots, maybe it's time to take the plunge and click the button below to get on board with one of the best indicators available on the market today for trading every chart offered by your Forex broker:

An additional trading idea using Renko charts and Pip Maker, designed to help traders who trade the Index charts such as US30, NAS100, Ger30 and Jpn225 carve out 100+ point winning days using this setup.

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