FXSSI.Calendar Indicator
MT5Also Available for MT4A simple and effective indicator of economic news in the forex market. Events of the Economic calendar are displayed directly on the chart of the MT5 terminal without the need to use websites.
Description
As you probably know, news plays an important role in Forex pricing. Some economic events can instantly affect the value of an asset (for example, news such as NFP or FOMC). Traders may not pay attention to the fact of the release of less important, at first glance, news. However, your lack of interest in the news events of the calendar may cause most forex market participants to lose sight of the massive regrouping of positions. Thus, due to the unpredictable price reaction to a news release, tracking the events of the economic calendar becomes an important aspect of a trader’s trading system.
Although news sites for tracking the Economic Calendar may sometimes be unavailable due to technical reasons. The human factor also intervenes: getting lost in business, you can forget to analyze the news calendar before the upcoming trading week.
In order not to fall into such situations and always be aware of future events in the forex market, we suggest that you familiarize yourself with the Calendar indicator to see if it will be a useful addition to your trading system.
Description Economic Calendar Indicator
The free indicator Calendar automatically displays on the chart of the MT5 terminal the main information of the forex economic calendar, namely the date and time of the news event, the currency for which publication is expected and its importance.
The very fact of publication is displayed with vertical lines, and the importance of the news is indicated by asterisks and increases from 1 (less important) to 3 stars (more important).
By displaying the basic information about news events, the Economic Calendar indicator completely solves its task – it does not allow the trader to forget about important news.
The indicator displays not only future events, but also past events. Thanks to this, you can not only analyze price behavior during news releases in the past, but also apply the findings in your future trading.
Possibilities of the economic calendar indicator
The functionality of the indicator allows you to get more detailed and visual information about news events.
To do this, hover over the name of the currency, after which a tooltip to the published news will pop up. Left-clicking on the name of the currency will display information about the news event in the lower left corner (the location can be changed in the indicator settings) in the form of a table.
By default, the indicator data is updated every hour. But if desired, this interval can be reduced manually in the indicator settings, up to 5 minutes.
Using the “forward” and “back” buttons below the table, you can switch between the news that has been released and the economic events that will be published in the near future.
The events of the economic calendar displayed by the indicator are always up-to-date, as the sources of news messages are two reliable sites – Investing.com and ForexFactory.com.
If one of the sites is unavailable, the indicator will use the information from the second one.
If you trade one or more currencies, you can manually enter the short name of the currencies you are interested in in the indicator settings. After that, only those economic calendar events that correspond to the currencies you specified in the settings field will be displayed on the MT5 terminal chart.
Why is it important to know about the publication of Calendar news?
Knowing the essence and timing of the news, you can protect your open position from increased volatility in advance by moving the stop loss to breakeven if necessary.
If your trading system gives you a signal to open a trade, you can analyze the upcoming economic events presented on the chart and understand whether it is safe to open a trade right now.
Thus, the news event indicator has a number of advantages:
- Displays up-to-date economic calendar information in a convenient format;
- Provides an opportunity to analyze the price reaction to the publication of news in the past;
- Allows you to quickly analyze the news background before opening a position;
- The color schemes of the indicator make it discreet and quite noticeable.
Perhaps the only drawback of this indicator is that it does not display the actual published data in the news release.
But this was the idea of the indicator developers – to make it as informative as possible and at the same time not very noticeable, so that it would not interfere with your Forex trading in any way.
1 2 3 4 5