Discussing the article: "Trading with the MQL5 Economic Calendar (Part 6): Automating Trade Entry with News Event Analysis and Countdown Timers"
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Check out the new article: Trading with the MQL5 Economic Calendar (Part 6): Automating Trade Entry with News Event Analysis and Countdown Timers.
In this article, we implement automated trade entry using the MQL5 Economic Calendar by applying user-defined filters and time offsets to identify qualifying news events. We compare forecast and previous values to determine whether to open a BUY or SELL trade. Dynamic countdown timers display the remaining time until news release and reset automatically after a trade
Filtering is critical to ensure that we only consider relevant news. Our system will thus use several filters: a currency filter to focus on selected currency pairs, an impact filter to limit events to those of a chosen significance level, and a time filter that restricts events to those within a predefined overall range. The user selects this from the dashboard. This layered filtering will help to minimize noise and ensure that only the most pertinent news events are processed.
Once an event passes the filtering criteria, the trading logic then will compare key data points from the news event—specifically, the forecast value versus the previous value. If both values are available and nonzero, and if the forecast is higher than the previous value, the system will open a BUY order; if the forecast is lower, it will open a SELL order. If either value is missing or they are equal, the event will be skipped. This decision process will allow the EA to translate raw news data into clear trading signals, automating the entry of trades with precision. The decision-making process here and the trade direction are entirely dependent on the user, but for the sake of the article and demonstration, we will use the above blueprint.
To visualize the processes, we will use debug prints and also create buttons and labels on the chart, just above the dashboard, to display the news being traded and the time remaining before their release. Here is a complete blueprint.
Author: Allan Munene Mutiiria