Forex Enigma – unique scalping indicator for M1 and M5 free download
Forex Enigma is a scalping tool, created for trading on M1 and M5 timeframes. The indicator is extremely simple – arrows appear on the chart, you need to trade in their direction. The authors, despite the small timeframe, say about profits of about 60-100 points from the deal, promise up to 10 accurate signals a day. Sumptuously! Let’s see if this is so.
Characteristics of Forex Enigma
Official website: fxenigma.net
Platform: Metatrader4
Currency pairs: Any, recommended major
Trading Time: Around the clock
Timeframe: M1 and M5
Recommended broker: InstaForex, XM, RoboForex
Settings of Forex Enigma
The Forex Enigma is set up according to the standard scheme with one nuance – you need to change the system time:
Copy the MQL4 folder from my archive to your MT4 > File > Open Data Folder
Restart Metatrader 4
Now change the system time on your computer to March 2017 (If you do not, the indicator no will be installed)forex-enigma-change-time
Set the indicator to the desired chart (timeframe M1 or M5)
forex-enigma-settings
In the indicator settings, the trader can change:
TradingStyle- the style of the indicator (Aggressive, Medium, Safe and Custom). The more aggressively you choose, the more signals will be on the chart, but their accuracy will be lower
PeriodSetting- timeframe at which the market analysis will be conducted (Forex Enigma is designed for only M1 and M5, it is better not to experiment with other timeframes)
TakeProfit/StopLoss – TakeProfit and StopLoss on the deal
InfoPositios – the location of the information window. It displays the name of the indicator, the strength of the trend, the direction of the current signal, the current time and time before the candle closes
SoundAlert/EmailAlert- on/off sound notifications and messages about signals to e-mail
ColorUpArea/ColorDownArea – color of Buy and Sell signals
The Forex Enigma signals
On the chart the indicator displays a channel, a bit reminiscent of the Ichimoku cloud, and the arrows show the direction of the entrance. Signals are two types:
Sell – the arrow points down and the channel color changes to red
Buy – the arrow points up and the channel color changes to blue
forex-enigma-examples-trade
In reality, everything is not so good; there are weaknesses in this indicator. On the history it is quite possible to find moments with the same signals as the authors do, it happens in the moments when the indicator manages to catch the beginning of trend movements.
The main danger for the Forex Enigma lies in the fact that on the flat sections one signal follows another and all of them close with a small loss (sometimes with a large loss). There is no filter for this case in the indicator algorithm.
When working with this indicator implies a continuous presence in the market. That is, the deal is kept open until Forex Enigma sends out a signal in the opposite direction. Signal arrives with a delay of 1-3 candles, so during the flat you will sustain a steady loss. Partially this problem is solved by setting the TradingStyle: “Safe” in the settings of indicator. The number of signals decreases, in the image – the same section of the chart, it is seen that the number of lossy signals has decreased from 11 to 7:
forex-enigma-aggresive-style
forex-enigma-safe-style
Forex Enigma works well in situations where the price moves in a wide horizontal channel. Its width is often enough to get at least a small, but still profit (about 20-30 pips).
The indicator is definitely good, but it’s not as much as the developers claim. Do not expect to earn 300-400 points with it using several hours of trading. Given its sensitivity to the flat areas, I recommend using it only in the European and American sessions; it is advisable to limit the major high-volatility currency pairs. Then Forex Enigma will work profitably.
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