Among the many forex trading strategies, there are those that require the use of news feeds. Trading on the news is very attractive in terms of earning potential, but it is also insidious. The risks are too high. Not every trader chooses this way of making money on the market. In order for it to generate income, you need to have trading experience and appropriate tools that will allow you to make optimal trading decisions in a timely manner. I have already told you about some of them. And today I want to offer one more indicator for news trading. If you practice news trading, then Truly News Indicator can be useful for you. With its help, trading will be more comfortable.
To begin with, I will tell you how this tool can help a trader.
Useful features of Truly News Indicator
It takes just a little familiarity with the market to notice how important news affects it. The reaction can be very violent. During such periods, the price travels a considerable distance in a matter of minutes. And this is a good opportunity to make big profits. The indicator was created so that the trader does not miss important news events and makes a timely decision on trading. All necessary information will be displayed on the chart of the traded currency pair.
But this indicator compares favorably with other similar tools in that, in addition to providing news information, it can also turn the advisor on and off. To do this, in the settings, you must specify how many minutes before the publication of the news, it should be activated and after what time it should be stopped.
In order for Truly News Indicator to work effectively, it must be configured correctly.
If you open the corresponding tab, you will see that there are many options in the settings. But they are all understandable, so they should not cause any difficulties.
First, you need to indicate to the indicator the time zone that your broker uses in MT4. There is a corresponding parameter for this – GMT-offset.
News-Time-Count is the number of news posts you want to see on the graph.
Further in the settings there are several parameters with which you can select the currency pairs that are of interest to the trader.
And using the Show-Only-Pair-News parameter, you can enable the display of news only for the traded currency pair.
The Stop-Minutes-Before and Start-Minutes-After parameters are designed to tell the indicator how many minutes before the news release to activate the advisor and after how many minutes it should be turned off.
The duration of the news display is adjusted using the Show-Alert-BeforeNews parameter.
The rest of the parameters relate to the design and color of the information window. That is, they can be left as default.