News Filter

[Jennifer]

any way to add some kind of filter so that whenever there is a major news event nearby then EA wont take any trade for specific amount of time
some people might suggest to turn off the EA during the News Events , but i am looking for some other way (preferably automated )
thanks

[fxDreema]

But how the EA will understand that there are news coming? I think there are some indicators for that, but I never tried such indicators and to be honest, I don't know how to work with them

[timmyhanke]

@Jennifer

Spread filter is one way of doing it , in big news events the spread goes crazy

[Jennifer]

@fxDreema well some indicators plot news time on chart and maybe we can use the object on chart attribute or something like that

[Jennifer]

@timmyhanke
well thats one way of doing it but how much spread do you think i should use in spread filter
and will it work during the back test?

[timmyhanke]

@Jennifer I think you have the option to use if the spread is above average spread , otherwise 3-5 pips I think .

Spread filter will work in the way if you set the spread higher on tester then you have in the ea it won't open trades, mt4 have a fixed spread.

[Jennifer]

@timmyhanke thanks

[Andermaiden2nd]

@timmyhanke If you use Tickdatasuite yo can backtest with historical spread data inside MT4 (actually it's the only kind of backtest that I would rely on).

@Jennifer What I use is the timefilter block. You need to set the filter in advance but there are plenty of places where to check the scedule of news that affects one currency pair.

[Jennifer]

@Andermaiden2nd
thanks , appreciate your help

[TecnoTrader]

Hello, I'm using a free indicator that synchronises with forex factory economic calendar, one of the best sites for news in my opinion. The best part is that it draws vertical lines in your chart and has an info panel. Besides you can configure what tipes of news you want to be informed with alerts and everything.
Based on those vertical lines drawn in your chart you could tell you EA not to trade. Those vertical lines have a name prefix and a specific color that you can configure.

I hope this helps you and everyone here :simple_smile:

URL to the site https://www.analyticaltrader.com/news-indicator/
Indicator: 0_1507669636851_AT-FreeIndicators-Metatrader4.zip

[VHV-Profit-Masters]

Seria maravilloso si alguien pudiera hacer que este indicador funcione bien con fxdreema para no operar antes durante las noticias, pero aun no aparece esa alma caritativa