ENS FX Scalper MT4 is an Expert Advisor (EA) designed for traders who want to use a scalping strategy without relying on grid or martingale methods. It is a fully automated trading system that runs on the MT4 platform and uses Limit Orders for entry and TakeProfit for execution, minimizing slippage. In this article, we will review the ENS FX Scalper MT4 and provide an in-depth analysis of its features, strengths, and weaknesses. By the end of this review, readers will be able to make an informed decision on whether the ENS FX Scalper MT4 is suitable for their trading needs.
ENS FX Scalper MT4 Strategy
ENS FX Scalper MT4 is a forex trading robot that is designed to work on the MetaTrader 4 platform. It is a scalping strategy based EA that uses limit orders to open multiple trades in a short period of time. The EA also uses a hedging strategy, which involves taking the opposite position from the original trade, along with stop-loss levels to mitigate potential losses.
ENS FX Scalper MT4 trades multiple currency pairs including EURUSD, GBPUSD, USDCHF, USDCAD, USDJPY, EURAUD, GBPAUD, AUDCAD, EURCAD, CHFJPY, and AUDNZD. It works on any timeframe and uses auto GMT and DST detection to adapt to different market conditions. However, it is recommended by the developer to use ECN brokers, such as IC Markets with a minimum deposit of $100, although $300-500 is recommended for smooth lot adjustment.
One of its weaknesses lies in its reliance on a hedging strategy, which can be costly as it requires opening and maintaining multiple positions, which may require additional capital and increase transaction costs. Also, the ENS FX Scalper MT4 EA is a high-risk strategy that opens a large number of trades due to its scalping strategy, which can result in significant losses if the market moves against the EA’s trades.
The EA is worth considering for both novice and experienced traders who are interested in scalping strategies. It is important to note that no trading system, including the ENS FX Scalper MT4 EA, can guarantee profits, and traders should always exercise caution and use appropriate risk management strategies.
ENS FX Scalper MT4 Features
- Trades based on Scalping strategy
- Does not use gridding or the martingale method
- Uses limit orders for entry and take profit for execution
- Uses stop loss levels for risk management
- Uses hedging strategies for minimizing losses
- Custom indicators for accurate market entry and exit
- Can trade on any currency pair
- Works on lower time frames, such as M1, M5, and M15
- Single chart installation for easy configuration
- Works on any time setting, such as Auto GMT and DST detection
- Advanced visual analysis of trade configuration on one chart
ENS FX Scalper MT4 Settings
- Settings_Symbol_List: This setting allows you to define a list of symbols that the EA will trade on. The default is an empty value, which means the EA will trade only on the current currency pair.
- Portfolio_Magic_Number: This setting allows you to assign a unique identifier to your trading portfolio.
- Portfolio_Comment: This setting allows you to add a custom comment to your trading portfolio.
- Lots_Fixed: This setting allows you to set a fixed lot size for each trade.
- Risk_Percent: This setting allows you to set a percentage of your account balance that you’re willing to risk on each trade.
- Lots_Update_Mode: This setting allows you to choose how the EA will update the lot size for each trade.
- Trade_Hedging_Open_Mode: This setting allows you to choose how the EA will open hedging positions.
- Trade_Hedging_StopLoss_Mode: This setting allows you to choose how the EA will manage stop loss levels for hedging positions.
- Trade_Hedging_TakeProfit_Mode: This setting allows you to choose how the EA will manage takeprofit levels for hedging positions.
- Trade_Direction_Mode: This setting allows you to choose how the EA will open trades.
- TT_Define_Mode: This setting allows you to define the trading hours for the EA.
- TT_Manual_GMT_Offset: This setting allows you to set the GMT offset for your broker manually.
- TT_Manual_DST_Mode: This setting allows you to enable or disable daylight saving time (DST) for your broker manually.
- TT_Skip_Week_Begin: This setting allows you to skip trading on specific days of the week, starting from Monday.
- TT_Skip_Week_End: This setting allows you to skip trading on specific days of the week, ending on Sunday.
- RollOver_Begin: This setting allows you to set the time when the rollover period begins.
- RollOver_End: This setting allows you to set the time when the rollover period ends.
- RollOver_Close_Enable: This setting allows you to enable or disable the closing of open positions during the rollover period.
- TT_Skip_Wednesday_Trading: This setting allows you to skip trading on Wednesdays.
- TT_Skip_Holidays_Days: This setting allows you to skip trading on holidays.
- TT_Skip_Christmas_Holidays: This setting allows you to skip trading
ENS FX Scalper MT4 Summary
The ENS FX Scalper MT4 is an automated trading robot that uses custom indicators for scalping in the forex market. It offers visual trade configuration on one chart. However, it is sensitive to unexpected market conditions and its performance can vary depending on the broker used. It’s important to note that the EA’s hedging strategy can be a potential weakness. Caution and careful trading are advised to minimize potential losses. Traders should demo test the robot and implement proper risk management. The EA is suitable for experienced traders who understand the risks associated with automated trading.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
