Forex factory created the calendar indicator indeed to help the traders by transferring the news from the web to the trading terminal. However, this transformation enhanced the trading style of many traders. A single economic release such as the NFP or Interest rate announcement of a Central bank can reverse the market trend. Since prices are very vulnerable to drastic movements during news releases. This Forex Factory Calendar indicator provides traders which a much-needed warning and an excellent trading opportunity.
How to trade successfully using the Forex Factory Calendar Indicator?
Fundamental traders can either place a BUY or SELL trade in advance of a news release while comparing the previous data and the anticipated data. A few other types of fundamental traders wait for the news release and then interpret them and place a trade accordingly.
On the other hand, technical traders use the new release timings to either decide to hold or exit an existing position or adjust the stop loss and take profit.
The forex factory economic news release indicator is an essential tool for both new and experienced forex traders. Both fundamental and technical traders can benefit from this MetaTrader indicator. The fundamental trader can benefit from trading the news releases. On the other hand, the technical traders can benefit by anticipating price fluctuations and adjusting their trading strategy accordingly.
Forex Factory Calendar (FFCal) MT4 indicator settings:
Report for active chart only: only displays news related to the current chart.
Include high: Displays high importance forex news.
Include medium: Displays medium impact news from forex factory.
Include low: Includes low importance news in the display of the economic calendar.
Include speaks: Displays the speech scheduled of influential people (Example: Central bank Chiefs, Individuals of important Financial Institutions, Government heads).
Include holidays: Shows holidays.
Find keyword: Shows news only with this keyword.
Ignore keyword: Ignores event with this keyword.
Allow updates: Allows for updates from the forex factory.
Update every: Update interval.
Pannel settings
Show panel: Shows the panel.
Show Panel in sub window: Shows in a separate window.
Panel side: Panel display area.
Panel Title: Title name.
Title color: Color of title.
Show panel background: Shows the background.
Panel background color: Color of background.
Low impact color: Color of low impact news.
Medium impact color: Color of medium impact news.
High impact color: Color showing low impact news.
Holidays color: Color to display holidays.
Remarks color: Color for remarks.
Forecast color: Color of forecast.
Positive forecast color: Displays the positive forecast in this color.
Negative forecast color: Shows the negative forecast in this color.
Show vertical lines: Display lines.
Chart time offset: GMT broker offset.
Hide event after: Hides the event after the interval.
Symbol Settings
Report for USD , EUR, GBP , NZD ,JPY, AUD , CHF, CAD , CNY: Shows the news for the selected currencies.
Info Settings
Show Symbol info: Displays the strength, bar time and spread.
Info color: Color of info
Info font size: Font size to display.
Notification:
Minutes before first alert: Alerts before the publication of the forex economic calendar news
Minutes before second alert: Second alert interval before the forex factory news publication.
Popup Alerts: Shows alerts in a window.
Sound Alerts: Turn on sound alert.
Sound file name: Displays the selected sound.
Send email: Sends email alerts.
Send push notification: Sends mobile alerts.
Conclusion:
Obviously, the Forex factory calendar FFCal indicator does not provide any BUY or SELL signals. But it assists the trader to anticipate volatility and price movement at a given time. The display of the time remaining for the next economic news release also provides the trader with much-needed caution. As a result, it helps the trader to hold or exit an existing position too. In conclusion, this MT4 indicator is very valuable to both technical and fundamental forex traders.
