NewsReady is a semi-automated Expert Advisor that uses a smart straddle methods It needs to be set in charts 2 to 10 minutes before Economic Data release with a red-flag impact on currencies related to the news. Then it run pending orders in specified number of minutes indicated in the time-period parameter. After the specified time, it will stop trading and will remove all pending orders.
You can not backtest this tool because it is semi-automated and can only be set and run a few minutes before a red-flag news.
****SEE Actual Recorded Trading Demo Below****
The video is not a backtest run but an actual trading in action of NewxReady during CAD related red-flag news.
Smart Straddle Method
The proprietary smart straddle method that it uses is not an ordinary straddle strategy. When a breakout is a false breakout, it may adjust not to trigger the pending orders and re-position to a more accurate one.
How It Works
If there's an upcoming red-flag news, you have to choose 3 or more currency pairs related to the news. For example,if a U.S. Non-farm Payroll is about to be released in a few minutes, you can use pairs related to USD like; USDJPY, EURUSD, GBPUSD, AUDUSD, etc. Load the charts of the pairs at H1 timeframe and run the NewsReady in all charts 2 to 10 minutes before the actual news release.
One important feature of the tool is setting time period of the execution. Default is 30 minutes, but you can set it lower. I do not recommend to set it higher than 30 minutes. After the set time period, all open trades and pending orders will be removed. The tool will stop running. To run it again, you have to wait for the next news and load it again using the charts of pairs related to the upcoming news.