All orders
Rules
Specification
Before I specify the details of the solution I'm after let me say this. I'm not sure how best/the easiest way to implement this job be it an EA, Indicator or a stand alone Application) I'm leaving it to you to come up with the solution on how best to implement it.
Basically, I want an application/program that reads data from forex factory's weekly economic calendar forecast (https://www.forexfactory.com/calendar?week=this#closed) and then with a set of simple rules these economic data are calculated to display numbers based on the rules.
There are 8 currencies USD, EUR, CHF, GBP, JPY, AUD, NZD and CAD
The forex factory economic calendar week is categorized by 3 levels of news impacts (High, Medium and Low impacts) And each news week forecast is refreshed when trading is closed for the week on Friday and then refreshed hourly to catch any mid-week calendar updates.
Program rules:
- Check If currency (X) if on weekly calendar if Yes then check if the news has a forecast number and then note the date and impact of the news.
- Then check the 'Usual Effect' to determent if higher or lower reading of the news is good or bad for the currency.
- And then give points to the currency based on the forecast and impact of the news.
The application's input setting:
- Set Impact points for High, Medium and Low
- Show/select only High or Medium or Low or All Impact score points
- Show/select all 3 combined impact score points or select Impact score to show
For example: Input setting = High (3 point) Medium (2 Points) and Low (1 point)
Currency (X) has a 'High Impact' data release on Wednesday, GDP q/q Forecast = 0.6% Previous =3.4% The point score for example this would be -3 the reason being that firstly, the 'Usual Effect' is 'Actual' greater than 'Forecast' is good for currency (which means the forecast number needs to be higher than previous reading to score a positive point). Secondly, the example is a High Impact news which needs to score either a positive 3 or a -3 point based on the outcome of the data release. In this case though the forecast number is below than the previous number so it scores -3 point.
Ones you understand the requirement it's much simpler than it sounds. If you need further explanation please do not hesitate to ask me