Is it worth displaying auxiliary information on the chart? Controversial question. There is an opinion that nothing should distract from the search for signals, there should not be anything superfluous on the chart. On the other hand, a trader should follow the news, which directly affects the volatility and spread. And if you are distracted by analytical portals, information channels, you can miss the moment. And well, if only the moment of entry is missed. It is worse when, due to a distraction from the chart, the exit moment is missed and a loss occurs. The FFcal indicator is an auxiliary informational indicator that displays the main news from the economic calendar on the chart, thereby saving the trader time.
FFcal indicator – settings and application examples
The economic calendar is a table that indicates the date and time of the news, the essence of the news, currency and forecast. The forecast is of key importance, as it is a kind of hint to the trader. And the question is who gives this forecast. The ForexFactory information portal is considered one of the best analytical platforms, whose signals are quite effective even in moments of fundamental volatility. The FFcal indicator is an auxiliary tool that translates to the chart not only the dry facts about the news release, but also the forecast from ForexFactory.
Installing the indicator is standard – through the Data Catalog in MT4 (Template here). After restarting the platform, it can be found in the list of custom indicators or dragged to the chart from the Navigator. If the installation went correctly, the price chart will display information about the next two news with a note of their importance. If this does not happen, in the “Tools / Settings / Expert Advisors” menu, you need to activate the “Allow DLL import” item and in the window below enter the full name of the site forexfactory.com.
FFcal indicator settings:
- ReportAll – enable/disable statistics for a particular currency. The indicator only supports 9 currencies.
- EnableLoggin – activation of logging of logs. There is no special meaning in it.
- ShowNextTwoEvents – activation of the display of the last two news.
The rest of the settings relate to the location of the block on the price chart, the font size and color of the text alert, and writing news to a file.
How to use indicator information FFcal:
- Close positions in advance to avoid losses due to sharp price fluctuations. The indicator marks the degree of importance of the news: high/medium.
- Increase the size of the stop so that the price of volatility does not hook it. Provided that the trader is sure of the further movement of the trend.
- Set pending orders in advance by calculating the distance based on the current volatility.
Output. The FFcal indicator is a tool to remind the trader that there is a statistic coming out ahead that could affect market volatility. It will be useful primarily for scalpers who do not have time to be distracted by separate news sources. And fundamental traders who trade on sharp price movements after the release of statistics.
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