Momentum Solo is a trading indicator that was published on the mql5 marketplace in June of 2015 by the author Claus Dietrich. It was last updated to version 19.51 in May of 2019.
Momentum Solo informs traders about momentum strength in the appropriate direction based on a minimum candle size and candle body in relation to the average true range, which measures market volatility. Described as a “simple momentum informer” by the author, the indicator comes with 5 different filters and allows users to set up different types of alerts.
Here are a few more facts:
- Works on the popular MetaTrader 4 platform
- Works with all instruments on timeframes M5 to D1
- Does not repaint, no cross-over signal, signal after close
The author also provides instructions for how to use the indicator, along with some helpful pointers about calculating risk-management, avoiding the market before high-impact news, and other tips.
The indicator can be rented for $19 USD (one month) or purchased for $89 USD. To be fair, the purchase price is a little high for a simple indicator, and many others can be purchased for as little as $30. More than 1,000 traders have downloaded the demo version of this product, which would be a good idea before buying.
Momentum Solo informs traders of momentum strength and can be used with multiple timeframes and any instrument. It has received four 5-star ratings and a few positive reviews.
“Claus was very courteous, responsive, and professional after I informed him the alert function was not working properly.” -vtcpa04
“Great product and great seller, really helpful indicator.” -Pip Collecter
It’s a little worrisome to see that there was a technical problem with the alerts, but this has since been fixed in version 16.3 back in 2017. The product is a little pricey, but traders can still rent it at a lower rate. Like any other indicator, risk-management needs to be practiced, and we would recommend following the author’s advice to avoid trading before certain news hits the market and etc. for the best results.
This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/9564