Forex indicators news alert
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Interest rates are the key for any markets and the prices are driven by investors based on their expectations of where the short term rates will be. For a regular technical analysis based trader, not paying attention to such events could lead to big losses on a day to day basis. Not all news events bring the same amount of volatility. For example, if you look to an economic calendar such as Forexfactory. Some are high impact events while others are low impact events. Ignoring these can be like trading at your own risk and trading in the blind.
An unexpected news outcome could lead to a strong movement in the underlying price in the spot markets. These moves happen as investors seek a big shift or when the economy posts a sharp turn. Up until now, traders had to combine various aspects to trade with the news. For example, traders typically tend to look at an economic calendar and then base their trading around these news releases.
However, with the MT4 news indicator, you do not have to follow around multiple websites. You can simply install the news indicator on your MT4 platform and have all the events showing up on your price charts if you are looking for news based trading. What is news based trading? News based trading or trading based on economic events is a strategy used by many day traders.
The basic criteria with such a method of trading is to wait for the markets to near a major news release. Because big impact news releases have a lot of volatility in the markets, you can expect to see large movements in the price charts. For short term day traders, this volatility can lead to the potential to make big profits within a short period of time. In this aspect, the MT4 news indicator is a handy tool that will alert you to upcoming economic reports.
This way, traders are better prepared and are able to plan their day trading strategy accordingly. News based trading combines a mix of technical and fundamental analysis. Traders wait for the outcome of the news release and if there is a confluence with their trading systems, positions are taken.
Of course, there are some risks with this approach. One of the reasons is that around news releases, the spreads tend to widen. This can lead to abnormal positions being executed in the market. Most news based trading strategies require to you buy or sell at market. Therefore, leading to wrong price fills. Also, many forex brokers do not allow news based trading. This type of trading, as mentioned is only suitable for short term day traders and scalpers.
If you are swing trading, it is quite possible that your entry and exit levels are wide enough to absorb the swings in the markets. Trends take a lot of time to change. Therefore, when you are swing trading, the news events based on the outcome take a while for the trend to change. But for short term, news based trading is quite a profitable way to trade.
How to use the MT4 news indicator? The MT4 news indicator can be downloaded free of cost. You can install this indicator the same way as you would install any other technical indicator. Once installed into your MT4 folder, you can then refresh the navigator and drag and drop the MT4 news indicator onto your charts. MT4 News indicator configuration After you install the MT4 news indicator, you need to set up some configuration details. Firstly, you should allow the DLL imports settings.
This can be found by clicking on the Common tab on the above settings window. Check the box that asks you to import DLL settings. It is also ideal if you input the Forexfactory. The first setting is set to false. You need to change this to true to have the indicator display the economic events on the active chart that you are using.
It is advisable to not have too many windows open as the indicator can slow down your computer and your trading terminal quite easily. The remainder of the settings include various cosmetic changes that you can apply to the chart. Our experience shows that the released data rarely provide future price direction.
The thing is that the news themselves are being published for a very long time. Probably, someone once could make money on it, but nowadays, the news is more of a speculative tool. It appears that a classical strategy of trading with macroeconomic indicators is hardly working, but volatility is still high during news releases. And considering that data often comes delayed, such trading may not only fail but also result in losses.
Therefore, our main task while developing this indicator was to warn timely about the approaching volatility. At the same time, we didn't want to create additional information noise through numbers. What Kind of Data is Used? News calendars by well-known ForexFactory and Investing. To ensure the stable indicator functioning, it connects to both sources at once.
If the primary data source fails, the indicator will switch to the second one. The given approach solves a common problem of similar indicators when the MT4 or MT5 terminal freezes while accessing the data feed. The indicator updates data every 5 to 60 minutes. Calendar is an informational indicator. Only the most volatile news , is generally taken into account, but it also happens that news of low importance incites the movement of an asset.
We observe that the price has pulled back and reached half of the news impulse. This is exactly the time to determine where the price is going to move further. If the price approaches the high made during the impulse again, it indicates that the impulse was true, and you can consider opening trade in its direction. In this example, the trade was opened an hour and a half after the news release when the volatility has already decreased, traders have added to the positions as needed, and the price can safely move in the right direction.
You can come across different approaches and strategies for news trading. However, we would like to remind you once again that trading during the releases is associated with an increased risk. We recommend you to use the indicator only to avoid having open trades during news releases.
Indicator Features When creating this indicator, we also wanted it to draw your attention only when it's really needed. All the analogs we have seen display loads of data mostly in the center of the chart unnecessarily cluttering it. We prefer simplicity and compactness. Therefore, all marks were put in the lower part of the graph so as not to disturb your trading. Info panel. Left-click on the news opens the window with detailed information on the upcoming news release in the bottom-right corner of the chart.
To close the window, just click it. It will also disappear by itself when a new candlestick appears. Navigate between news. You can switch between news by clicking the arrows below the info panel. The selected news will be highlighted: Filter news by importance and currencies. In the settings, you can specify for which currencies countries and degree of importance to display news.
Grouping news. If several news releases have the same publication time, they will be grouped. To view which exactly news will be released, call the info panel by clicking the text label. If you hover over the news, you will see a tooltip.
This feature is optional and can be disabled. Indicator Settings Filter News by Currencies. This setting allows you to set for which currencies the news will be displayed. Current Symbol — automatically detects a currency by the chart window; All Symbols — displays all available currencies; Defined — see the following item.
Defined Currencies. You can manually specify the currencies you want to see on the chart. Usually, the news has three types according to the impact degree on the market: high of high importance , medium of medium importance , and low of low importance. Past news will be displayed for [behind] hours, and upcoming ones will be displayed [ahead] hours before the release.
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