Prime Momentum Algo is an automated trading robot designed for the cTrader platform using the cAlgo API. It operates on a 1-minute timeframe, trading based on the crossover of two Exponential Moving Averages (EMAs) to identify short-term trends. When the fast EMA crosses above the slow EMA, it signals a buy; when below, a sell. Trades are executed only at the opening of new 1-minute bars to reduce false signals.
Distinctively, this bot does not use traditional stop loss or take profit levels. Instead, it holds positions indefinitely until a user-defined fiat profit target is reached, closing trades immediately upon achieving this net profit, which accounts for gross profit, swaps, and commissions.
Users can customize key parameters including trade volume (lots), target profit amount, maximum concurrent positions, and the EMA periods for trend sensitivity. The bot limits the number of open trades and waits if positions are in drawdown before opening new ones.
This strategy is aggressive and relies on the assumption that price will eventually move favorably to reach the profit target. It is suitable for scalping with medium trade frequency and uses fixed lot sizing. The bot supports market orders and is optimized for use with brokers like Fusion Markets.