News Reader EA
News Reader EA analyzes market news from the ForexFactory.com website. It trades only during critical news because there are a high probability the market will be more volatile and thus more profitable.
To determine the direction it applies a straddle strategy by opening few seconds before the news one buy stop order and one sell stop order. As soon as one order is triggered the other one is removed and then a trailing stop is used in order to catch most of the movement.
In order to control your risk level, each opened order has a fixed maximum loss that can be controlled from stop loss parameter value.
In order to backtest this expert advisor, past news since 2014 have been integrated for the following major currencies: EUR, USD, GBP, JPY, CAD, AUD.
To synchronize historical prices with the news, the GMT Time Offset parameter has to be set with the same offset. For example, if your historical data has a time zone GMT -5, then GMT Time Offset should be set with the value -5.
Since brokers can apply high slippage and high spread during news release, it is highly recommended to test the EA with a demo account before using it on a real account.
- GMT Offset - GMT time offset.
- Money Management Method - method to compute the lot size;
- Fixed Lot - lot size on each if money management method is fixed lot;
- Percentage Balance - percentage of your balance to risk if money management is percentage balance;
- Order Distance - distance to Buy/Sell order;
- Take Profit - take profit in pips;
- Stop Loss - stop Loss in pips;
- Use Trailing Stop - switch On/Off trailing stop;
- Trail Distance - trailing stop distance;
- Max Lot - maximum lot for the EA operation;
- Magic Number - magic number to distinguish orders from others EA;
- Works on all major currency pairs;
- Minimum recommended deposit is $100 for fixed lot set to 0.01;
- ECN broker with low spread and low slippage is highly recommended to get better results;
- Compatible with 4 or 5 digits account;
- As showed on the screenshot address http://www.forexfactory.com has to be added in the list of allowed URLs. To do this go to "Tools" → "Options" → "Expert Advisors";
- Order Distance parameter
- Set manually GMT Offset