▪ Unzip the product’s package, you will see the “Forex News Trader.ex4″ and “Forex News Trader.ex5″ files.
▪ Go to MT4 or MT5 data folder by opening MT4/MT5 terminal -> Main menu -> Files -> Open Data Folder.
▪ Copy .ex4 or .ex5 file to directory path: /[data folder]/MQL4(5)/Experts/. Go back to MT4/MT5 terminal -> Main Menu -> View -> Navigator -> Right click on Expert Advisors folder -> Refresh -> Find “Forex News Trader” -> Double click or drag it the the chart that you want to work with.
▪ At startup window -> Common tab -> Enable “Allow DLL imports” and “Allow live trading” check box.
▪ Switch to Input tab, enter your registered email address and activation key in order to activate your license. You just need to enter your license for each account at a particular MT4/MT5 one first time. It will remember your license info, so just leave the license blank next times.
▪ In order to download the news from data sources, you need to add their URL address into MT4/MT5’s URL trusted list. Go to MT4/MT5’s main menu -> Tools -> Options -> Expert Advisor -> Enable and add data source’s URL as follow:
▪ Impact level: Select which impact level of news will be shown.
▪ Currency: Select which related currency of news will be shown.
▪ Show past news: Show/hide the passed over news.
4. Other settings
Click to “Setting” button, it will show on other setting panel.
▪ Data source: Select which data source will be connected to load the news. Currently, there are 3 data sources available:ForexFactory.com, DailyFx.com and Myfxbook.com.
▪ Set alert: Set the amount of minutes that program will alert before an upcoming news release.
▪ Allowed time to alert: Set the period of time when alerts are allowed (usually, it should be day-time of your local time). The program will not alert you out of this period in order not to disturb you at night time.
▪ Send notification to mobile/email: Send notification to your mobile/email before an upcoming news release (you should setup notification and email settings correctly in your MT4/MT5).
▪ Show news on chart: Mark the news release points on chart. The identification of marked points are set as follows:
▪ U = USD; E = EUR; J = JPY; G = GBP; A = AUD; C = CAD; F = CHF; N = NZD; Y = CNY;
▪ Font size: Select the font size that fits with your screen resolution.
5. Strategy setup panel
Click to any upcoming news in the list, strategy setup panel for that news will popup.
▪ Predict the news: This strategy is very simple, just predict the market move direction after news release, then set it to open Buy or Sell order before news release. This method can maximize the profit and avoid slippage because order is opened when market is still silent, but it also can whipsaw your account if you choose the wrong direction in big news. This is for one who likes to take risk.
▪ Pending trap: This is typical strategy that places two opposite pending stop orders before news release to catch the breakout. Regardless of direction of the price move, we expect a large jump and it will trigger one of the pending orders. In some rare cases, some traders may want to use limit orders instead of stop ones, to catch the reversion of a price move. In this strategy, setting a reasonable SL, TP and trailing SL is critical.
▪ Grid pending trap: Similar to pending trap strategy, but grid pending trap strategy sets a series of pending orders (like a grid). This strategy catches the price move in smaller parts and sums them up in the final result.
▪ Martingale pending trap: Also known as “Never lose again” strategy, martingale strategy uses lot size increase to cover its previous losses (if any). This is great when combining with news, when the price usually has big move. However, do not set the initial lot size too large since if there are spikes on the news, your account will be margin called before price moves in one direction.
▪ Based on actual report: This strategy waits until the actual report of the news is loaded, then compare it to forecast/previous data in order to decide the direction of the trade. This strategy is suitable for important news that impact the market in mid to long-term.
▪ Fixed pending: Pending orders will stand constantly, but may be triggered at the wrong moment by price’s fluctuation before news release.
▪ Floating pending: Pending orders will always keep a distance from the current Bid/Ask until news release, so they are usually triggered by news impact only.
▪ Stoploss/Takeprofit distance: Set the Stoploss/Takeprofit distance of the order. If you don’t want to set those level, just set it at zero.
▪ Trigger time before news release: The number of seconds before news release that strategy will be executed. If you want to test the strategy or trade manually without waiting for news release, just set this factor at a big number such as 99999, then it will execute the plan right after you apply.
▪ Trailing stoploss: Start trailing stoploss level with a fixed distance when that trailing stoploss level is far at number of point from entry point.
▪ Hidden initial SL: This will hide the actual stoploss of the order, it remembers that stoploss level and only “manually” close the order once the price reach that virtual stoploss and the spread is lower than a maximum value. This helps you to avoid unwanted stoploss when spread is widen.
Practical Methods for Optimal Control and Estimation Using Nonlinear Programming Second Edition Advances in Design and Control John T. Betts All Chapters Instant Download
Practical Methods for Optimal Control and Estimation Using Nonlinear Programming Second Edition Advances in Design and Control John T. Betts All Chapters Instant Download
