Onyx Scalper Review – A Detailed Look at This Forex Indicator
Onyx Scalper is a forex trading indicator that promises high accuracy buy and sell signals to generate consistent profits. Created by Karl Dittmann, this indicator system is designed for the MT4 platform and aims to help traders of all skill levels make money in forex trading.
In this detailed Onyx Scalper review, we will take an in-depth look at how this indicator works, its features, trading results, pricing, and more. Read on to find out if Onyx Scalper is worth the investment for your forex trading.
How Onyx Scalper Works
Onyx Scalper is advertised as a powerful forex indicator that generates precise buy and sell signals, allowing traders to easily enter and exit trades. Some of the main features highlighted by the developer include:
- Effective trading algorithm – Analyzes the markets and identifies profitable trades
- User-friendly visual interface – Easy to interpret trading dashboard and signals
- Minimal time investment – Signals require little time to follow
- High profit signals – Focuses on quality over quantity of signals
- Perfect for beginners – Easy to install, understand and use
- Unique trend detection – Identifies the start and end of trends
- Multiple trading styles – Suitable for scalping, day trading and swing trading
- No repainting – Signals do not change after they appear
- Works on all major currency pairs – Trades popular forex pairs like EUR/USD
The indicator is designed to work seamlessly on the popular MT4 trading platform. It scans the markets on your chosen timeframe and currency pair, identifies profitable trading opportunities based on its algorithm, and then alerts you of buy and sell signals via pop-up, email or push notification.
Onyx Scalper provides entry, stop loss and take profit levels for each signal, allowing you to easily execute the trades. You simply wait for a signal to appear on your chart, enter the trade at the recommended level, and manage it according to the stop loss and take profit.
Key Features of Onyx Scalper
Here are some of the standout features of this forex indicator system:
One of the biggest problems with forex indicators is repainting, where the signals change after the price has moved. This causes traders to enter or exit trades at the wrong time, leading to losses.
Onyx Scalper uses advanced coding to ensure the signals do not repaint. Once a signal appears on your chart, it remains fixed in that spot. This allows you to confidently follow the signals knowing they are reliable.
A unique aspect of Onyx Scalper is the optimal entry system. This feature helps traders get into trades at the most opportune moments, improving entries compared to just taking a signal at face value.
The indicator analyzes the price action and market conditions to identify the optimal entry point. It displays a visual cue on the chart – a blue or red diamond – when the optimal entry is triggered. This provides an edge over basic indicators.
While optimized for scalping on the 1 minute and 5 minute charts, Onyx Scalper can also be used for day trading and swing trading. It works well with timeframes up to 1 hour, providing flexibility to trade in different styles.
The indicator can also be used on all major, minor and exotic currency pairs. You are not limited to specific pairs like some forex systems. It also works with commodities, indices and cryptocurrencies.
Complex indicators and systems can be difficult for beginners to understand and use. Onyx Scalper is designed to be simple and easy to use for traders new to forex.
It does not have complicated settings or require optimization. You simply add it to the chart and it starts generating visual and audio alerts for trades. The user guide explains step-by-step how to install and use Onyx Scalper.
Trading Modes in Onyx Scalper
A unique aspect of this indicator system is that it comes with three trading modes – Conservative, Medium and Aggressive. Each mode has varying risk management rules and number of signals.
- Low risk signals
- Normal frequency of signals
- Tighter stop loss
- Standard trend detection
This mode focuses on quality over quantity of signals. It has a higher win rate but lower number of trades. Ideal for new traders.
- Moderate risk signals
- High frequency of signals
- Wider stop loss
- Sensitive trend detection
Balances risk and reward for solid results. Suitable for most traders.
- High risk signals
- Extremely high signal frequency
- Wide stop loss
- Highly sensitive trend detection
Maximizes trading opportunities but expects a higher loss rate. For experienced traders with larger accounts.
You can switch between these modes easily to suit your risk appetite and market conditions. It adds flexibility to scale your risk exposure.
Using Onyx Scalper Signals
Onyx Scalper aims to provide high quality signals, not just high quantity. As such, you do not need to take every single signal that appears. Here are some tips to use the signals effectively:
- Evaluate signal quality – Analyze the market context and price action to determine if a signal aligns with the trend. Reject signals that go against the trend.
- Confirm with other indicators – Use other indicators like moving averages to confirm the signal. This improves accuracy.
- Consider risk/reward – Measure the risk-reward ratio of each signal. Reject trades with unfavorable ratio.
- Use proper risk management – Use a stop loss on every trade to control risk. Risk only 1-2% of capital per trade.
By being selective with signals and managing risk, it is possible to achieve a high win rate and profitable results with Onyx Scalper. Do not fall into the trap of overtrading.
Onyx Scalper Trading Results
It is crucial for any indicator system to have proven trading results before traders risk real money on it. Unfortunately, Onyx Scalper does not provide verified performance reports.
The developer shows a few screenshots of trades placed using the indicator. However, this does not prove long term profitability. There are no account statements or third-party verification of the results.
Without verified trading results, it is difficult to assess the profitability of Onyx Scalper. Traders have no way of knowing if it can consistently generate profits or not. This lack of transparency is concerning.
We recommend traders avoid forex systems that do not provide objective proof of their performance. Verified results are essential to evaluate a system properly before purchasing.
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Pricing for Onyx Scalper
Onyx Scalper is sold at a one-time price of $147. This is said to be a discounted price, with the original cost being $395 as per the vendor’s website. However, this seems to be an inflated price.
The average cost of a forex indicator system is between $50 to $150 based on the features and complexity. For the features it offers, a price of $395 appears unjustified for Onyx Scalper.
At $147, Onyx Scalper is reasonably priced compared to similar forex indicators. However, the lack of trading results makes it difficult to determine if this system is worth the investment or not.
Pros and Cons of Onyx Scalper
- Easy to use indicator system
- Works on MT4 platform
- Provides entry, SL and TP levels
- No repainting of signals
- Flexible trading styles and timeframes
- Beginner friendly system
- No verified trading results
- Lack of transparency about developer
- Indicator-only system limits options
- Relies on basic indicators and algorithm
- Lagging signals in choppy or ranging markets
Our Verdict – Is Onyx Scalper Worth It?
Onyx Scalper provides an easy to use forex indicator system for the popular MT4 platform. It offers useful features and flexibility in trading styles for different traders. However, the lack of concrete proof of profitable results makes this system hard to recommend.
We advise traders to be wary of forex systems that provide no objective data to evaluate performance. It is better to find an indicator or EA with verified trading results before investing money. Go for transparency and proof over marketing hype while choosing automated trading tools.
Onyx Scalper may work as advertised, but there is no way to confirm that. Without trading results, conducting proper due diligence of this system is impossible. There are no trader reviews or feedback for this new product as well.
Overall, Onyx Scalper lacks credibility due to the anonymous developer and lack of performance reports. While it seems to have potential, we suggest waiting for transparency and proof of results before purchasing this indicator system.