Spike Pro (MT5) — review, price and free alternatives

Spike Pro is unique because it was built specifically for Deriv boom and crash (1000, 900, 600, 500, 300 & 150) indices and focuses on detecting sudden spikes rather than trend-following moves. The indicator uses higher timeframe confirmation to validate lower timeframe spikes and offers non-lagging, non-repaint signals with configurable alerts and exit logic.

The algorithm works by monitoring rapid price movements on low timeframe charts and applying a trend filter from a selected higher timeframe to reduce noise. When a spike pattern meets the configured criteria, Spike Pro highlights the entry and suggests an exit point; users can enable delayed exit handling by choosing the number of bars to wait before closing. Risk management is handled via exit point inputs and time-based rules rather than automatic money management, so traders set position size manually or with separate risk tools in MT5.

In practice, Spike Pro performs best during high-volatility sessions on Deriv indices and can generate multiple opportunities per trading session depending on settings. Typical expected behavior includes short trade durations, concentrated profit potential on single-bar moves, and occasional losing streaks during extended trending periods. The indicator is priced at $99, is available for MT5, and is published by Tadiwa Sam Munyengwa.

Overall risk level for Spike Pro is moderate given the short-duration nature of spike trades and configurable exit rules. The indicator itself does not implement a fixed stop loss; instead it recommends time-based exits and bar-count delayed exits which require active position sizing. A practical approach is fixed-fraction sizing of 1% to 2% of account equity per trade to limit the impact of consecutive losses. Vulnerabilities include prolonged trending periods and low-liquidity sessions, which can produce false spikes and widen execution slippage. Recommended minimum account size is $500, with larger balances offering better margin for position sizing and drawdown tolerance when trading multiple contracts using MT5.

Install Spike Pro by copying the indicator file into the MT5 Indicators folder and restarting MetaTrader 5. Attach Spike Pro to the chart of the desired Deriv boom or crash index and configure inputs such as higher timeframe for trend filter, exit bars selection, and alert preferences. Recommended brokers are those offering Deriv indices or synthetic indices on MT5 with low latency. Optimal chart timeframes are 1-minute to 5-minute for entries with a 15-minute higher timeframe for trend filtering. Test Spike Pro extensively on a demo account for at least two weeks and use visual testing or walk-forward analysis before live deployment.