Onyx Scalper – effective trading algorithm by Karl Dittmann
Onyx Scalper is another trading indicator from the famous developer Karl Dittmann. The indicator is mainly intended for scalping and, by its simplicity, is suitable for a trader with any level of training. The indicator does not repaint and is not late. It works on any trading assets .
Characteristics of the Onyx Scalper
- Official website: www.onyxscalper.net
- Platform: Metatrader4
- Currency pairs: Any pairs, indices and metals (recommended major currency pairs)
- Trading Time: Around the clock (recommended European and USA trading sessions)
- Timeframe: M1-M30
- Recommended broker: InstaForex, XM, RoboForex
How it works?
You already probably know that most paid indicators are based on a skeleton, which is built on the basis of standard free indicators. And Onyx Scalper is no exception. Its signals are very similar to the HalfTrend indicator, which has long been known to us. Below are some screenshots to confirm my statement. Currency pairs, trading time and timeframe are the same. Try to find the differences:
In the settings of the HalfTrend indicator, the value of the parameter Amplituda = 20 was changed. Other settings were left unchanged. As this parameter increases, the number of signals decreases, but they are more accurate and smoothed.
As you can see, the difference is not big, if you do not take into account that HalfTrend is repainted. In addition to the fact that Onyx Scalper 100% is not repainted, it still has many advantages and useful functions.
First of all, Onyx Scalper has the opportunity to choose one of three trading modes with varying degrees of risk and the number of trading signals (this can be seen in many products of Karl Dittmann):
- Conservative Mode - Signals Frequency = Normal, Safety = Maximum, Trend Detection = Standard, Low Risk
- Medium Mode - Signals Frequency = High, Safety = Optimal, Trend Detection = Sensitive, Moderate Risk
- Aggressive Mode - Signals Frequency = Extreme, Safety = Low, Trend Detection = Highly Sensitive, High Risk
Onyx Scalper Indicator is able to find the best entry points. It is very convenient. Because we do not open a deal right away when the color of the indicator changes, but only at the moment the Blue or Red Diamond appears. Thus, the trader has some time to prepare for the opening of the transaction and make the optimal entry:
This indicator has an advanced warning system about the appearance of a trading signal with data on the direction of the signal (Buy or Sell), Stop Loss and Take Profit livels:
- Pop-Up Alert with Sound on MT4 Platform
- Instant Email Notification
- Push Notification to Your Mobile Phone:
In this video you can see a small excerpt of the live action of the indicator signals:
Unfortunately, there is no information how the indicator overcomes long-term flat. This is a weak point of many indicators. I suspect that Onyx Scalper does not behave in a flat in the best way. Therefore, be sure to use additional filters and trade only in the London and New York sessions on the Major currency pairs. Follow Money Management and take into account the most important (red) economic news.
In the archive Onyx_Scalper_analog.rar (21.0 KB):
Free Download Forex Olympus analog (HalfTrend)