
What is the Eye of Agamotto
The Eye of Agamotto is one Doctor Strange's most powerful relics. It is an item that has been used and passed down from Sorceror Supreme to Sorcerer Supreme all the way back to the original mystical entity Agamotto at the beginning of time. The Eye is considered to be one of Strange's most powerful artifacts and is potentially the most powerful magical artifact in Earth's plane of existence.
Related:
Who is Doctor Strange?
Who is Agamotto?
Doctor Strange Movie- News, Casting, art, rumors and more!
Powers:
The light from the eye can allow a user to:
Create a mystical shield
Create portals to other dimensions
See through disguises and illusions
See the past
Track ethereal and corporeal beings
Weakens evil beings such as demons, devils, undead, dark extra-dimensial beings, and human practitioners of the dark arts.
Can probe minds
Levitate objects
Create a suspended animation cage
Teleport a group to any point in the universe

Origins:
Unknown. There are theories that Agamotto either found it or that he created it.
Agamotto is still tied to the eye and it has been suggested that he records when it is used.
Video:
Video of a custom made Eye of Agamotto. Not sure who made this but I think its pretty amazing.
MCU:
The Eye of Agamotto will likely appear in the movie Doctor Strange.
At San Diego Comic Con 2016 the first close up picture of the Eye of Agamotto was released.
It has also been rumored that a eye like relic in the Treasure vault of Asgard in the Thor films is actually the Eye Agamotto. Though it has also been thought to be a separate artifact called the Warlock's eye. My guess is this is actually the Warlock's eye and the actual Eye of Agamotto has not yet been seen.

Related:
Who is Doctor Strange?
Who is Agamotto?
Doctor Strange Movie- News, Casting, art, rumors and more!