Hi, guys! Today we will talk about MinMax Scalper Indicator by Karl Dittmann.
To begin with, I have to admit that I wouldn’t have bought this indicator if I hadn’t been asked to review it so badly. Let me explain why:
1) I didn’t like the concept of this product. When I first saw its name I thought that Karl Dittmann had come up with a perfect indicator that will generate signals at the lowest and highest points so that we could benefit greatly from the market. However, it turned out that the name refers to the two TakeProfit levels generated by the indicator for each trade: Min TP and Max TP. It’s not bad to have such an option, but I believe my idea is much better.
2) I also didn’t like the screenshots with the trade examples. They made an impression that Karl Dittmann is a real fortune-teller to always know the best time to exit the trade.
I would understand if he had shown us how you can exit at either Min TakeProfit or Max TakeProfit, but how could he exit the trade between these levels just before the trend reversal?! Please look at these trades to understand what I’m talking about:
In addition to this, in some of the screenshots the fact of hitting the StopLoss level is ignored:
I’m afraid that one, especially a Forex Beginner, could have unrealistic expectations after seeing such screenshots, but I decided to make a final verdict only after testing out the indicator myself.
MinMax Scalper Characteristics
Software Type: Indicator (can be turned into a semi-EA)
Platform: MetaTrader4
Timeframes: M1, M5, M15
Pairs and assets: all major currency pairs
Repaint: no
Special Features: 2 TakeProfit levels
Price: $147
My experience with MinMax Scalper
The processes of installation and activation were absolutely the same as I had after purchasing Forex Equilibrium. Except for the fact that this time I carefully read the User guide to find instructions on how to use MinMax TakeProfit levels correctly.
Read more about my experience with Forex Equilibrium here
So, unfortunately, my fears were confirmed, the indicator does not tell the user when to exit the trade: at the Min TakeProfit, Max TakeProfit or somewhere in between.
Instead, instructions in the manual make it even more frustrating. For example, the guide says that it’s better to avoid entering the trade outside the levels, but the screenshot shows that while following this rule we can miss profitable trades. I believe, instructions on this should be definite, based on the tests that Karl Dittmann must have done before presenting MinMax Scalper to the public.
The next rule in the user guide says: “Make sure to immediately close your trade as soon as a new set of Buy/Sell Level lines has been generated. Even if your desired TakeProfit level has not been reached.”
Okay, this sounds reasonable but in the screenshot given here we can see that the trade should have been closed at the stop loss level anyway.
My results with MinMax Scalper
The whole process of making a trade with MinMax Scalper looks like this: Entry Levels are generated – Buy or Sell Entry level is reached – Price moves in the desired direction and Take Profit Levels are generated – Min TakeProfit level is reached – Max TakeProfit level is reached. Yeah, you get a lot of alerts for each trade.
But of course, it is an ideal scenario. In reality the Max TakeProfit level is reached in about 13% of times (I calculated all the previous trades that are shown on the history, M1 timeframe). In addition to this, for a big part of trades the TakeProfit levels weren’t generated at all!
Here’s an example of how it looks:
As you can see, the price had reached several entry levels but then hit a StopLoss.
I decided to trade with MinMax Scalper for a week time, although I didn’t have big hopes for it. I chose 3 pairs from the recommended list, M1 and M15 timeframes and decided that I would aim at the Min TakeProfit levels since according to the history, it has more potential.
Well, MinMax Scalper is not a set-and-forget kind of software. I spent hours trading with the indicator because I had to control the graphs all the time. Another very time-consuming part is that you set the SL the moment the entry level is reached, but you set the TP levels later on. I don’t understand this step, why can’t the TakeProfit levels be generated at the same time?
So, I hate to say it, but my results are bad, really bad. You cannot trust the signals generated by MinMax Scalper indicator. In overall, I hit SL in 49% of trades, reached Min TP in 22%, all the rest either hadn’t reached entry level or were closed even. This is by far the worst indicator I have reviewed or even tested in my long journey. I have already sent a refund request which I hope will be soon issued.
MinMax Scalper has so much features, like entry levels, two take profits, trading styles, but it’s all about making profit, right? I guess, Karl Dittmann just forgot the main part.
Contact Karl Dittmann: karl@karldittmann.com
Contact me: trentbaxter@forexrealreviews.com
I agree with you, Trent. I returned it too.
Thank you for your detailed review. I really enjoy reading your posts! Hope you will manage to get a refund for this product
I originally thought this was one of those “honest” reviews that made me buy one of the, if not the most useless EA in my opinion, galileoFX, but I’m glad to have been proven wrong. Keep up the awesome contribution to the Forex community, very helpful especially to the small traders like me. Thanks!
Thank you, good post!