Accounting for the news background is one of the most important factors in Fundamental Analysis. Economic and political news have a direct impact on currency quotes. Even if you use only technical analysis in your trading, knowing the time of macroeconomic events, you can improve your trading performance.
News such as changes in interest rates, GDP growth (or falling), presidential elections (or parliament) and unemployment data can cause a movement in the tens, if not hundreds of points in a matter of minutes. Also, the average importance can be attributed to data on the volume of production orders, the indicator of housing construction, the index of retail sales.
Do not forget that during the release of important news, the market can occur a strong slippage and your applications for opening trades will be executed at an unfavorable rate.
Information about the upcoming news is available on one of the most popular websites dedicated to the Forex Market – Forex Factory. The data is updated every week and contains the full list of future world events from Monday to Friday.
The indicator contains many settings for more accurate data analysis, such as: the impact of news, the filter of specific currencies, the previous data indicator and the forecast, the display of data output lines directly on the graph itself. The built-in user notification feature won’t let you miss the moment important news is released.
|GMT Offset||Time-shifting news on GMT (For example, for broker Alpari and Roboforex, the value of GMT Offset is 2 in winter and 3 in summer).|
|News Time Count||The number of news that is displayed that does not match the time it comes out. There should be more than 0.|
|Show Table||Displaying a table with data: Do not display, left-top, right-top, left-bottom, right-bottom.|
|Table Time||Displaying news time in a table: Before the news is released, or the time of the news itself (by broker or local time on yourcomputer).|
|Show Forecast||Show the table’s previous news metrics and forecast for each of them.|
|Show Event Flags||Show news flags or flags with fixed vertical lines describing the news.|
|Show Flags Text||Display a news sign on flag lines if true.|
|Show History Flags||Keeps flags on the graph with the description of past news (shows only those data that have survived since the installation of the indicator)|
|Show Only Pair News||Show news only for the current currency pair.|
|Bank Holiday On||Show bank weekends. Displaying the importance of news: Everything, Low, Moderate, High, Don’t Display.|
|Show USD News||The importance of news on the currency usdollar.|
|Show EUR News||The importance of news on the euro currency.|
|Show GBP News||The importance of news on the currency sterling.|
|Show JPY News||The importance of news on the currency Japanese yen.|
|Show AUD News||The importance of news on the australian dollar currency.|
|Show NZD News||The importance of the news on the currency of the New zealand dollar.|
|Show CAD News||The importance of news on the currency of the Canadian dollar.|
|Show CHF News||The importance of news on the Swiss franc currency.|
|Show CNY News||The importance of news on the Chinese yuan currency.|
|AutoTrading Stop/Start minutes == > Auto-Trade On / Off Button Settings|
|Ignore open trades||Ignoring open trades. If false, the auto-trading will not be turned off as long as there are open orders|
|Stop Minutes Before||Turn off the auto-trading button in time until the nearest news in minutes.|
|Start Minutes After||Turn on the auto-trading button after the upcoming news is released in minutes.|
|Notification Settings (Minutes) >|
|Show Caution Before News||Show a notification of an important near-news at the top of the screen minutes before the release.|
|Show Alert Before News||Show a warning (Alert) for the specified time in the minutes before the news.|
|Send Mail Before News||Send an email to the post office within the specified time in the minutes before the news.|
|Send Notify Before News||Send notifications to mobile apps within minutes of news.|
|Main Panel Color||Set up the color of the main info bar.|
|Frame Panel Color||Set up the color of the info bar frame.|
|Background Transparent||Indicate the transparency of the background of the table. 0 to 255.|
|Color Header||Set up the color of the news headline.|
|Color Low News||Setting up the color of the news with low importance.|
|Color Medium News||Setting up the color of the news with moderate importance.|
|Color High News||Set up the color of the news with high importance.|
|Color Bank Holiday||Set up the color of bank weekend news.|
It is important not to forget in the settings to change the GMT indicator to the one that your broker uses.
Also useful function is to stop the work of experts in the terminal – clicking the Auto-Trade button. For example: you have a number of advisers on the account, the work of which you are physically unable to control 24/5, then the help will come an indicator that will press the auto-trading button, thus will not allow a third-party adviser to enter the market at the time of the release of important news for the currency.
As a result, we have a convenient free tool for additional analysis of trading conditions, which is able to prompt as the best time to enter the market (if your system includes trading on news), and protect you from unnecessary risk, allowing you to avoid a bad entry.