Every day-trader will agree that market data releases can change the situation on the chart quickly and drastically. I’m talking here about decisions on interest rates, PMIs, inflation and other crucial market data. Release time of such information is always known priori, so it is a good idea to know it while trading.
In this post I will focus on MT4 calendar that made my trading life much calmer.
So, is it possible to have economic data directly in MT4 terminal? Yes, it is! And what is more, this information can be used in expert advisor, script or custom indicator.
One of my favourite calendars for MetaTrader is Ultimate Events tool from TradingFalcon.com and here is how it works. First, I look on the web for the crucial events that may impact the market I’m trading. Today I’m watching AUDNZD pair, market is in a downtrend so I will be looking for the good spot to short it. I can see that two key information will be released at night: retail sales and RBA decision on interest rates. The second one is crucial. I put these two in the excel spreadsheet, marking the interest rate decision red as this is very important. One click and events are uploaded to MT4 environment.
Now, in MT4 terminal I will load the Ultimate Events expert advisor to AUDNZD chart. I can see the event on the chart as vertical lines.
Push and email notifications are the best feature of this tool. I set it to send me a push notification and an email 10 minutes before the event. Now I can go and take care of other things – which is good for my eyes too!
10 minutes before the market data release I am woken up by my smartphone alarm – it is time to take a look at chart.
Retail sales are worse than expected, market is going slightly down – I am not taking any trades, for me this is not a good opportunity to short. Let’s wait for RBA decision. I can take some sleep now. The next notification is set to 04:20.
Reserve Bank of Australia decided to left the official rate on the same level as expected. Market is going up I will fade that move and short it. Position is opened, I set stop loss on 1.0542. My bet is that it will go further down to 1.0195 at least.
To sum up:
- MetaTrader calendar tools can help you with information management
- You don’t need to look at every tick on the chart
- Always have a plan for your trades
MQL4 gives you much more than you think. It is not only an engine for trading automation but a great language to write useful trading tools. Tools that don’t necessarily automate trading routine but assist and help you during a trading day.