The reported profitability for the test period of 6 months is 831.9% (according to Bektest provided by the broker AMarkets, where you can download this advisor for free). It is difficult to say where this result comes from, but on a real cent account, its effectiveness will be much less. But the depth of the drawdown is maintained – about 48%, which is why this advisor should be attributed to the high-risk ones. But there are many positive aspects in it, which allow recommending it to beginner traders inclined to risks. First of all, it is the simplicity of its work and the ease of selection of suitable settings.

Advisor Momentum Elder – a simple advisor for novice traders

Momentum is one of the interesting technical analysis advisors, which is calculated as the ratio or difference between the current price and the price several periods ago. If its value tends to zero, then the market is in the flat (equilibrium) stage, since the price does not move either under pressure from demand or under pressure from supply.

Momentum Elder Advisor is built on Momentum and a moving average, the period of which is chosen empirically. The robot is multicurrency, but on exotic pairs it is better not to use it or to monitor the positions being opened. Short timeframes are also better not to use because of price noise, which the adviser analyzes and then gives false signals. The optimal timeframe is H1.

Advisor Settings Momentum Elder:

  • EMA (19);
  • Momentum – period 18, apply to close by adding level 100.

A preliminary signal to open a position appears when Momentum crosses its 100th level. As soon as the candle with the H1 timeframe closes completely above the EMA or at least 80% (provided that this candle is much larger than the previous one), a long position opens at the next candle. The signal can appear on several candles in a row. When manually adjusting the advisor (or manual trading using this strategy), it is better to wait for at least 2 consecutive signals.

Stop loss is set below 100 at the lowest price for the next period on the chart by the time the position is opened. Order take profit set 1.8-2 times more than the stop loss level. Also, the transaction is closed if Momentum turns around and again crosses the 100th level in the opposite direction. You can also set up a trailing stop in the advisor, the recommended distance is 20-30 points.

Conclusion. Advisor Momentum Elder is a simple adviser that allows you to learn how to work with the settings of the periods of classical indicators. Its disadvantage is that it is universal, which means that a novice trader will have to think about how to optimize a robot for a particular currency pair. On the other hand, this is an excellent training, which allows you to understand the principle of trading by sliding. Do not expect that the adviser will give a big profit if you leave it unattended. Periodic verification of the success of open positions, comparison of test and real account statistics is the key to successful trading. It will be interesting to hear your opinion about this adviser in the comments after the review!

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