In the current version this filter will only work with my night scalpers and the EA Profitection Filter or with other EAs that utilize the global variables set by this EA.
In the current version this filter will only work with my night scalpers and the EA Profitection Filter or with other EAs that utilize the global variables set by this EA.
An MT5 version is availalble here.
Many scalpers these days have a “normal” news filter, which filters calendar news such as interest rate decisions or CPI releases.
However, this breaking news filter is able to filter non-standard breaking news. It will check every minute for news and if it finds a news event, it will create global variables that can be read by other EAs.
My night scalpers will then reduce the stop loss to a fraction of the normal stop loss or close the position directly if the loss exceeds this value. Positions are not just closed because the news could also be in our favor if it pushes the price in the positive direction.
The scalpers will also set a break even stop loss for trades that are in profit. A breaking news signal will last for 4 hours after it was triggered.
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This type of filter cannot be backtested, therefore it is not clear whether it will really improve the profitability. Also, often the price reverses after an initial spike, so closing early might even be less profitable sometimes.
However, in 2018/2019 there have been a few nights where such a filter would have reduced the losses considerably.
Right now, only Brexit and NAFTA news are searched for to avoid too many false signals. Since it is a complicated process and the news title might not contain the keywords we are searching for, there is no guarantee that the news will be detected on time, or even at all.
For an explanation of all settings, please have a look at my blog post.
- Please allow requests to:
(Tools -> Options -> Expert Advisors -> Allow WebRequests for listed URL) - Attach the EA to one chart per MT4 terminal. Symbol and time frame does not matter. But don’t use symols with trading pauses, so better to use major currency pairs like EURUSD.
You can double check the created global variables when clicking onto Tools -> Global Variables (or just press F3).
You can double check the created global variables when clicking onto Tools -> Global Variables (or just press F3).
Why I am only offering renting:
One reason is that there could be periods where the filter does not filter anything, so users can then unsubscribe again. At the time of publishing the filter, it only looks for Brexit and NAFTA news, but it could be that both news stories are over at some point in time and don’t require any more filtering. In the future probably other important events will arise, but it is impossible to predict.
Also, the filter should run on an own chart, not within an EA, because web requests are not asynchronous in MT4 meaning that each time a chart does a web request, the EA on the chart will not be able to do anything for up to a few seconds.
Another reason is that this kind of filter requires constant effort to search for possible news that should be filtered, to refine the filter, to search for good news sources, etc. as well as a higher server load compared to normal news filter. Therefore, I would also like to get a small continuous compensation. Depending on the available information sources I might also not be able offer this filter in the future.
For other developers:
This filter will produce global variables that can be used by other EA, for example in the way described above or maybe even for some momentum systems (but there are very few triggers).
For example, if there was news for EUR, it would set the global variable breakingNewsForEUR=1, which could then be checked like:
bool breakingNewsForEUR = GlobalVariableCheck(“breakingNewsForEUR”)