News trading among traders is considered one of the attractive directions for creating profitable strategies. The sharply increasing volatility allows you to get the maximum number of profit points from one deal. And this can be achieved only with the use of effective tools to display the current situation on the market, of which the FFcal indicator is considered a rather interesting option.
This indicator is based on reading information from the economic calendar from the Forex Factory website. Thanks to it, news data is transferred to the terminal, and it becomes possible to increase the predictability of the market. Moreover, it functions on any currency pairs without much dependence on the selected timeframe.
Since the FFcal indicator uses external DLLs, for its operation, it is necessary to enable DLL imports by checking the "Allow DLL Imports" checkbox in the indicator settings.
The indicator has many parameters, the most popular of which are:
IncludeHigh - display information about the time of important news.
IncludeMedium - work with mid-level publications.
IncludeLow - show messages of low importance.
IncludeSpeaks - Speaker statements.
They have two modes, "true" (enabled) and "false" (disabled). When set to the chart "by default," the options are active, except for working with weak news. There is a separate setting for each line, where the trader indicates the most preferred color for the text. Their names contain the "Txt" prefix - TxtColorTitle, TxtColorNews, etc. The trader chooses colors depending on the selected template so that the text on the chart stands out well against the background of candles or bars.
There is a sound notification in the parameter list, but it is used relatively rarely. Most traders are guided by inscriptions because, in addition to the time before the news is published, the analysis of candlestick patterns and current levels is important.
The specificity of the FFcal news indicator is that it displays text information rather than a signal for opening orders.
The following information is displayed on the chart of the traded currency pair:
Title of the published news. Many traders trade only on certain messages, according to which they best represent dependence on events in the world;
The time after which the publication of the following news data will occur (in the same line where the name is displayed);
Strength Index. News is divided into three categories: Low, Medium and High;
The predicted value of an economic indicator;
Actual figures published at the time indicated.
All this information will be very useful for traders who build their strategies based on the news background.
The market reaction to the publication of some news is explosive and leads to a sharp increase in volatility. Therefore, displaying the exact time remaining before the event on the chart allows the trader to open trades in a timely and profitable manner.
The FFcal indicator will not be superfluous for a trader in any terminal of any broker. It can increase the profitability of any trading system if the trader takes into account news events and avoids unnecessary triggering of stops due to a jump in volatility during the release of important news.
Tip: Can’t open the downloaded archive file (ZIP or RAR)?
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.