Truly News Indicator (auto trading)
Almost every trader who trades in the Forex market is in one way or another connected with news and fundamental analysis. The fact is that news often acts as gasoline, which makes the price move, sometimes even inadequately.
Therefore, any professional, no matter how opposed to news trading, still looks at the times and dates of publication of important statistics. Some take into account the published statistics, while others simply stop trading and close previously opened transactions.
Traders who use various advisors based on mechanical trading strategies are especially susceptible to the influence of news, since it is at the moment the news is published that the price behaves simply inadequately and the advisor can open a bunch of useless orders, enter into a deal with a large extended spread, which naturally leads to losses.
There are different ways to follow the news. As a rule, traders have to view news from various information resources, brokers pages.
The Truly News Indicator allows you to always be aware of important economic news and read information directly from the chart, as well as receive sound alerts when statistics are published.
A special feature of the Truly News Indicator is its function of disabling automatic trading of advisors for a certain time before the news release.
Installation in a trading terminal. MT4 Pre-Setup
To use the indicator, you will need to initially download it from our website page and install it in the MT4 trading terminal. To do this, access the trading platform's data directory through the file menu and drop the Truly News Indicator into a folder called Indicators.
After restarting the terminal, Truly News Indicator will appear in the list of custom indicators. Since Truly News Indicator reads data from the forexfactory foreign economic calendar, we will need to give the trading terminal access to extraneous data. To do this, go to settings and open the “Advisers” tab.
In the list of options that appears, check the box to allow reading information from Internet resources and add the site http://www.forexfactory.com/.
After restarting the platform, go to the list of custom indicators and drag Truly News Indicator onto the price chart. Ultimately, a list of news, time, previous value and forecast will be displayed on the left side of the chart.
On the right side in front of you there will be vertical lines on which the exact time of release of certain news will be indicated. Example:
Indicator settings. Enabling and disabling auto trading
Despite the fact that this is a simple news indicator, it contains an element of an advisor or script, which allows you to press the automatic trading button, as well as turn it on.
In order to take advantage of the opportunity to disable the work of advisors before the news is published, as well as enable it after publication, find the “Auto Trading Stop/Start” settings block.
Specify in the Stop Minutes Before line the time before the publication of the news so that the indicator disables the work of advisors, and also specify the time in the Start Minutes After line, after which after the publication of the news the indicator will enable automatic trading. You can also enable or disable ignoring already open positions.
So, if the line indicates False, the indicator will not turn off automatic trading until either the advisor or you close open orders.
In addition to the above settings, it is possible to work out the graphical view, as well as enable the display of certain news by importance and currency. To do this, opposite the lines Show USD, EUR..., select news by importance or completely disable their display on the chart.
In conclusion, I would like to note that Truly News Indicator is an extremely useful tool when news trading. Its only drawback is the English-language news and interface.
Download Truly News Indicator