Momentum Open is currently located on the MQL5 marketplace under the Experts category. It was first uploaded by Ivan Pochta on the 17th of December 2019, it has had a few updates, the most recent update was on the 19th of March 2020 and it is currently at version 1.2.
Designed for the MetaTrader 4 platform, Momentum Open is a completely automated expert advisor. It will look for impulses and bursts of movement within the market and it will use these to signal the start of a trend in the markets, so it has been built around price action principles.
The EA will open trades automatically and will only open them in the same direction as the market is trending, it does not open reverse trades. The EA also does not use Martingale, Grid, Averaging, Scalping, or Hedge methods of trading.
Momentum Open has been optimized for the following timeframes and currencies:
M15: AUDUSD, EURAUD, EURGBP, EURNZD, EURJPY, EURUSD, GBPJPY, GBPUSD, NZDUSD, USDCHF, USDJPY, XAUUSD.
M30: AUDUSD, EURAUD, EURGBP, EURNZD, EURJPY, EURUSD, GBPJPY, GBPUSD, NZDUSD, USDCHF, USDJPY, XAUUSD.
H1: AUDUSD, EURAUD, EURGBP, EURNZD, EURJPY, EURUSD, GBPJPY, GBPUSD, NZDUSD, USDCHF, USDJPY, XAUUSD.
There is also a range of different parameters available, they include things like comments, slippage, magic numbers, lot sizes, Bollinger Bands, Fibonacci levels, timeframes, ATR periods, RSI periods, days to trade, time to trade, and more.
Momentum Open is currently having a sale, you can purchase it with a one-off payment of $600, this is a discounted price, once enough copies are sold it will go up to $75, we do not know what its original price it but it may well be the $750 that it will go back up to, this version will not have any limitations attached to it. There is also no option to rent this expert advisor.
A free demo version is available, however, the limitations of the free version are not mentioned on the site, it may well be worth downloading to test anyway due to the high purchase price.
There are just two reviews for the Momentum Open expert advisor, the combined score from the two reviews is 4.5 out of 5.
“I have good results, stable and low risk. I love the way of Open version, users can add new pairs to trade, re-optimized by themselves. for now, I do not add any new pair and use Ivan’s presets, but who knows one day if this presets not work, At least I can re-optimized and manage a portfolio.” – A 5-star review.
“I just tried it the very low DD 2.9% for 10% return from 2017 to 2020. But what really made me gave the 4 star is the coding that makes the backtest and Optimization really fast and that saves a lot of time.” – A 4-star review.
Both the reviews are very positive, there are 8 comments within the comment section but each one is from the developer giving a little update, the most recent update was on the 19th of March 2020 which shows that the developer is still actively supporting the EA. Due to the high price, be sure to try out the free version and contact the developer with any queries that you may have before making a purchase, just to make sure it is right for you.
This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/44547