Onyx Scalper has been developed for the well-known MetaTrader 4 trading platform that can be downloaded for free from many online forex brokers.
It's a forex system coded and designed by Karl Dittmann that published many other forex software that we are planning to review here on MyFxBots.com including Forex Resolut, Forex Monarch, Alfa Scalper, Scalping Detector, FX Atom Pro, X Trend Premium, Fibo Quantum, DNA Scalper, and many other systems.
Newly purchased Onyx Scalper system should be tested on a demo account first to gain familiarity and confidence using it for live trading to make consistent results. The Onyx Scalper suitable for trading by any trader including beginners and advanced ones, user-friendly with setup instructions and trade examples to simplify its use just like its developer has made it for.
Not every signal generated by the Onyx Scalper needs to be taken but should be confirmed with a good market analysis, then just the trades with favorable risk to reward ratio should be taken to prevent wiping out all the consecutive winner trades with a loser one.
EURUSD and GBPUSD major currency pairs have favorable liquidity and higher chart time frames, this helps to filter out some of the noise existing in the lower chart time frames. This is why many traders prefer to trade these pairs while everyone should trade in a way that suits his own trading style and personality.
3 different modes are included in the EA; conservative, medium, and aggressive modes, each of which has its own risk level and trade frequency. While the Onyx Scalper can run on any time frame, it's most suitable for the lower ones as M1, M5, and M15 and can be used for forex scalping, forex day trading, and forex swing trading.