FXSSI.Calendar Indicator
An easy and effective indicator of economic news in the forex market. Economic Calendar events are displayed directly on the MT4 terminal chart without the need to use websites.
CATEGORIES: MT4, INFORMATIONAL
Updated on: 17.12.2023
As you are likely aware, news plays a significant role in forex pricing.
Some economic events can instantly affect the value of an asset (for example, news such as the NFP or FOMC).
The fact of releasing less important, at first glance, news can be ignored by traders. However, your lack of interest in calendar news events can lead to overlooking a large-scale rearrangement of positions by the majority of forex market participants.
Thus, due to the unpredictable price reaction to news releases, keeping track of economic calendar events becomes an important aspect of a trader’s trading system.
Although the news sites for tracking the Economic Calendar, for technical reasons, may not be available sometimes. The human factor also interferes: getting lost in business, you may forget to analyze the news calendar before the upcoming trading week.
To avoid getting into such situations and always be aware of future events in the forex market, we suggest you get acquainted with the Calendar indicator to see whether it will be a useful addition to your trading system.
Description Economic Calendar Indicator
The free Calendar indicator automatically displays on the MT4 terminal chart the basic information of the forex economic calendar, namely the date and time of the news event, the currency for which the publication is expected and its importance.
The very fact of the publication is displayed with vertical lines, and the importance of the news is indicated by stars and increases from 1 (less important) to 3 stars (more important).
Thus, displaying basic information on news events, the Economic Calendar indicator completely solves its task – does not let the trader forget about important news.
The indicator displays not only future events but also past events. Thanks to this you can not only analyze the price behaviour during the news release in the past but also apply the conclusions in your future trading.
Features of the Economic Calendar Indicator
The indicator’s functionality allows you to find out information about the news events in more detail and clarity.
To do this, hover your cursor over the name of the currency, after which a tooltip on the published news will pop up. Left-clicking on the currency name 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 backward buttons below the table you can switch between the news that came out and those economic events that will be published soon.
The economic calendar events displayed by the indicator are always up-to-date since the sources of news reports are two reliable websites
If one of the sites is unavailable, the indicator will use the information from the second one.
If you trade one or more currencies, in the indicator settings you can manually prescribe a short name for the currencies you are interested in. After that, the MT4 terminal chart will display only those economic calendar events that correspond to the currencies you specified in the settings.
Why is it important to know about the publication of Economic Calendar news?
Knowing the essence and timing of the news, you can protect your open position from increased volatility in advance by moving your 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 events indicator has a number of advantages:
Displays up-to-date information of the economic calendar 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 both not flashy and quite noticeable.
Probably the only drawback of this indicator is that it doesn’t display the actually published data on the news release.
But that was the idea of the indicator developers – to make it as informative as possible and at the same time not very visible, so that it won’t interfere with your forex trading in any case.
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