All Blogs / Analytics & Forecasts / Trading Systems

Supertrend Multicurrency Scanner Dashboard for MT4/MT5

3 December 2024, 17:10

Biswarup Banerjee

649

MT4 Version:

MT5 Version: News Catcher Ultra MT5

Complete User Documentation — MT4 & MT5

1. OVERVIEW

News Catcher Ultra is an automated Expert Advisor that places pending buy and sell orders around scheduled high-impact news events, then actively hedges positions until a target overall profit is reached. Instead of gambling on a single direction, it uses a hedging logic to capture the volatility spike regardless of which way price initially breaks. This solves the classic news-trading dilemma: you know volatility is coming, but you don't know which way the market will jump first. The EA handles the entire lifecycle — from order placement around the news time to progressive hedging and eventual profit-taking — so you don't have to sit in front of the screen during releases.

Who Should Use It: Active retail forex traders who want a systematic, hands-off approach to trading high-impact news events like NFP, CPI, or central bank rate decisions, without manually managing multiple pending orders and hedges.

Main Benefit: Automates the entire news-trading workflow — pending orders, hedging, and profit-taking — so you can capture volatility-driven moves without emotional decision-making or constant screen time.

2. INPUT PARAMETERS & SETTINGS

This product shares a common set of general input settings with all Expert Advisor products in this series. The following sections are covered in the common guide: General Settings (lot size, SL/TP modes, magic number, trade direction), Breakeven Settings, Trailing Stop Settings, News Filter Settings and News Action Settings, Martingale Settings, Grid Settings, Hedge Settings, Risk Settings, Position Sizing, Alert Settings, Display Settings, Trade Time Settings, Trade Days Settings, Safeguard Settings, and Trend Filter Settings (MA Filter, ADX Filter, RSI Filter, MACD Filter, Parabolic SAR Filter — each with their own strategy options). All of these are fully documented in the Common General Input Settings for Expert Advisors. The sections below cover only the product-specific inputs unique to this product.

General Settings

These settings control how the EA handles hidden stop-loss/take-profit lines, swap cost inclusion, and backtest history recording — foundational choices that affect both live trading and optimization results.

Setting Name	Type	Default Value	Description	Example
Chart lines for virtual SL/TP (never drawn during optimization)	bool	false	When enabled, the EA draws visual lines on the chart showing where your hidden stop-loss and take-profit levels sit. Useful for manual verification but adds chart clutter. The EA never draws these during optimization runs, so you can leave it on for live trading without affecting backtest speed.	true — Turn this on when first testing the EA on a demo account so you can see exactly where your virtual SL/TP levels are placed relative to price.
Include Swap charges in Profit	bool	true	Controls whether overnight swap fees are factored into the overall profit calculation that the EA uses to decide when to close hedges. When true, the EA won't close a position group until swap-adjusted profit is positive. Disable it if you only care about gross trade P&L and want to ignore swap drag.	false — Use this for short-duration news trades that close within hours, where swaps are negligible and you want cleaner profit targets.
Enable history for backtests or optimization	bool	false	When enabled, the EA records trade history data during backtests and optimizations, allowing you to analyze detailed performance metrics afterward. Leave it off during large optimization runs to save memory and speed things up. Turn it on only when you need granular trade-by-trade reports.	true — Enable this for a focused optimization of lot size and stop-loss distance so you can review every trade's entry and exit in the Strategy Tester report.

Atr Trailingstop Settings

These settings configure an ATR-based trailing stop that dynamically adjusts as volatility changes, rather than using a fixed pip distance — ideal for news events where volatility can expand rapidly.

Setting Name	Type	Default Value	Description	Example
Use ATR Trailing Stop	bool	false	Master switch for the ATR-based trailing stop. When enabled, the EA replaces the standard fixed-distance trailing stop with one that adjusts based on current market volatility. This is particularly useful during news events where volatility spikes — the trail widens naturally, reducing the chance of being stopped out by noise.	true — Enable this for NFP or CPI trades where you expect volatility to expand, so the trailing stop adapts rather than getting hit by a sudden spike.
ATR Timeframe	ENUM	PERIOD_CURRENT	See options explained below.	See options explained below.
ATR Period	int	14	The number of bars used to calculate the Average True Range. A lower value (e.g., 7) makes the trailing stop more responsive to recent volatility changes, while a higher value (e.g., 21) smooths out spikes. For news trading, a shorter period often works better since volatility shifts quickly around events.	7 — Use a shorter period for fast-reacting ATR during high-impact news like FOMC statements where volatility changes abruptly.
Activation (ATR multiplier)	double	2.0	The profit level (in ATR units) that must be reached before the trailing stop kicks in. A value of 2.0 means the trade must be 2 ATRs in profit before trailing begins. Higher values delay activation, giving the trade more room to run before locking in profits.	3.0 — Use a higher multiplier for volatile news events where you expect a large initial move, so the trail doesn't activate too early and cut profits short.
Trail distance (ATR multiplier)	double	1.0	The fixed distance (in ATR units) that the trailing stop maintains behind the current price once activated. A value of 1.0 means the stop stays 1 ATR away from the highest price reached. Lower values tighten the stop, increasing the chance of being stopped out but locking in more profit.	0.5 — Tighten the trail for less volatile pairs like EUR/GBP during news, where you want to protect profits without giving back too much.
Trail increment (ATR multiplier)	double	0.5	The step size (in ATR units) by which the trailing stop moves up as price advances. A value of 0.5 means the stop updates every 0.5 ATR of favorable movement. Smaller increments make the stop more responsive but can cause it to lock in profits too aggressively in choppy markets.	1.0 — Use a larger increment for trending news moves where you want the stop to move less frequently, giving the trade more breathing room.

ATR Timeframe — Options Explained

This setting determines which chart timeframe the EA uses to calculate the ATR value for the trailing stop. You can choose any standard timeframe from M1 to MN1, or use PERIOD_CURRENT to match the chart the EA is attached to.

PERIOD_CURRENT: The EA uses the ATR calculated from the same timeframe as the chart. This is the simplest option and works well when you're trading on a timeframe that matches your news-event horizon, like M15 or M30 for intraday news.

PERIOD_M1 through PERIOD_MN1: You can explicitly select any timeframe. For example, using PERIOD_H1 gives you a 1-hour ATR, which smooths out short-term noise and provides a more stable trailing distance. This is useful when you want the trail to react to broader volatility rather than every tick.

Safeguard Settings

These backtesting-only safeguards let you set minimum performance thresholds — profit percentage, trade count, and maximum inactivity — so you can automatically filter out unfavorable optimization results without manually scanning through hundreds of runs.

Setting Name	Type	Default Value	Description	Example
Max Loss from initial balance [0: disable]	double	0.0	Sets a

3. HOW IT WORKS

Core Calculation & Logic

News Catcher Ultra doesn't analyze price action or technical indicators. Instead, it monitors the MetaTrader calendar for scheduled high-impact news events. When an event is about to occur — typically 1–5 minutes before the release — the EA places both a pending Buy Stop and a pending Sell Stop order at a configurable distance from the current price. The idea is to catch the explosive move that often follows major news, regardless of direction.

The EA then manages these positions using a hedging loop: if one side gets stopped out or hits its take profit, the EA may reopen it or adjust the other side's levels, depending on your settings. The core logic is a "straddle" strategy — place both sides, let the market decide which direction to run, and let the winner offset the loser. The EA keeps cycling until the combined net profit across all open and closed positions reaches your target.

Entry Strategies Explained

News Catcher Ultra uses a single entry strategy — the news straddle — but gives you fine control over how and when the pending orders are placed. There's no multi-strategy selector; the logic is fixed, but the parameters let you adapt it to different news types and market conditions.

News Straddle (Default)

BUY Signal: A Buy Stop order is placed at Current Ask + (NewsDistance * Point) . The EA triggers this when the remaining seconds until the news event drop below the SecondsBeforeNews threshold (default 60).

SELL Signal: A Sell Stop order is placed at Current Bid - (NewsDistance * Point) , triggered by the same timer.

Best For: High-impact news events (NFP, FOMC, CPI, interest rate decisions) where you expect a sharp breakout but don't know the direction. Avoid using this during low-impact news or when spreads are abnormally wide.

Step-by-Step Workflow

Step 1: Attach to a chart Drag the EA onto any chart — it doesn't matter which pair, as long as the chart's symbol matches the one you want to trade. Set the timeframe to M1 or M5 for best results.

Step 2: Configure news parameters In the EA inputs, set SecondsBeforeNews (I recommend 60–120 seconds) and NewsDistance (distance in points from current price for the pending orders). For example, 20 points on EURUSD gives you a 2-pip buffer each side.

Step 3: Set your risk parameters Define your lot size, stop loss, and take profit. If you're using the virtual SL/TP mode ( HIDDEN_SL_TP = true ), the EA will track these internally without sending them to the broker — useful if your broker doesn't allow stops within the news spread.

Step 4: Enable auto-hedging Turn on ENABLE_HEDGING (if available in your version) and set a HEDGE_PROFIT_TARGET . The EA will keep reopening the losing side until the combined profit hits your target. A typical target is 10–20 pips on a 0.01 lot.

Step 5: Start the EA Enable automated trading in MetaTrader (the AutoTrading button must be green). The EA will wait for the next scheduled news event based on your calendar settings. You'll see pending orders appear about 1–2 minutes before the release.

Step 6: Monitor and adjust Watch the first few news events with SHOW_LOGS = true to see how the EA behaves. If the pending orders are too close or too far from price, tweak NewsDistance . If the EA is overtrading, increase the HEDGE_PROFIT_TARGET or reduce LOTS .

4. RISK MANAGEMENT FEATURES

News Catcher Ultra includes several built-in risk controls that let you protect capital while still catching the big moves. Here's what you can configure:

Feature	Description
Hidden Stop Loss / Take Profit	When HIDDEN_SL_TP = true , the EA tracks SL/TP levels internally without sending them to the broker. This prevents brokers from seeing your stops and potentially hunting them during news volatility. The levels are still enforced by the EA's own exit logic.
Multiple SL/TP Calculation Modes	You can set stop loss and take profit in pips, as a fixed amount (in deposit currency), or as a percentage of account equity. The SLTP_MODE dropdown lets you pick the one that fits your risk style. For news trading, I prefer the pips mode with a 10–15 pip stop.
Risk-Reward Ratio Override	If you set RISK_REWARD_RATIO to a non-zero value (e.g., 2.0), the EA automatically calculates the take profit as a multiple of your stop loss. This overrides any manual TP value you entered. It's a handy way to enforce a consistent risk-reward across all trades.
Magic Number Filtering	When ENABLE_MAGIC_NUMBER = true , the EA assigns a unique magic number to all its orders. This prevents it from accidentally closing or modifying manual trades you've opened on the same symbol. Essential if you're also trading manually alongside the EA.
Trade Comment Labeling	Every order placed by the EA gets the comment you set in TRADE_COMMNET (default: "NEWSCATCHER TRADE"). This makes it easy to identify EA trades in the Account History tab and separate them from manual entries.

Quick Start Guide

Follow these steps to get started in under 5 minutes:

Download and install: Purchase the EA from the MQL5 Market, then download it from the "My Products" tab in MetaTrader. Drag it onto any chart — I recommend EURUSD on M1 for testing.
Set your lot size: Start with LOTS = 0.01 (micro lot) for testing. You can increase it later once you're comfortable with the EA's behavior.
Configure the news timer: Set SecondsBeforeNews = 60 and NewsDistance = 20 . This places pending orders 2 pips away from price, 60 seconds before the news release.
Enable hidden SL/TP: Set HIDDEN_SL_TP = true and STOPLOSS = 10 , TAKEPROFIT = 20 (in pips). This gives you a 1:2 risk-reward ratio without exposing your stops to the broker.
Turn on logging: Set SHOW_LOGS = true so you can see the EA's decisions in the Experts tab. This is invaluable for debugging during the first few news events.
Enable auto-trading: Click the AutoTrading button in MetaTrader (must be green). The EA will immediately start scanning for upcoming news events based on your calendar settings.
Wait for a news event: The EA will place pending orders automatically when a high-impact news event is about to occur. Watch the Experts tab for messages like "News in 60 seconds — placing straddle orders."
Review and refine: After the first few trades, check the Account History to see how the EA performed. Adjust NewsDistance if the orders were too close (got hit by noise) or too far (missed the move). Increase LOTS only after you're consistently profitable.