Auto news trader Expert Advisor For MT4
WE IMPROVED THIS EXPERT ADVISOR FOR YOU!!!
PLEASE NOTE: This expert advisor was publicly available for free usage on other websites and is not programmed by us. We explain the functionality and possible improvements of the EA. Furthermore, we are convinced that fully automatic Expert Advisors will fail in the long run. On the other hand, our semi-automatic approach with detecting the best setups and then activating our Expert Advisors (e.g. V-Power EA, EdgeZone EA) produced many successful traders and some of them even got prop traders at prop trading firms. Therefore, we added a similar semi-automatic trading feature (to allow only buy or only sell trades) to the free Expert Advisors. You can download the modified version here and enjoy!
Table Of Contents:
- Auto news trader Expert Advisor For MT4
- Auto news trader Expert Advisor For MT4 - SETTINGS
- Auto news trader Expert Advisor For MT4 - WAYS TO IMPROVE
The Auto news trader Expert Advisor For MT4 is one of the most interesting Expert Advisors I’ve run into. This Expert Advisor does not only depend on Technical Analysis. It depends on using news to enter or to not enter trades as well.
As we know, in the Forex Market, even if we use “the best” technical indicators, we can not still counter the “price manipulation” big banks use against retail traders for their own profits.
Whenever Big News happens in the Forex world, the price tends to react unnaturally and unpredictably. No matter how good your strategy, you’re going to bang your head against the wall when your strategy does not perform how it’s supposed to.
Having a good technical strategy is great, but you’ll need to use the fundamental part as well. Most of the experienced traders don't trade whenever forex news happens. News breaks havoc in the forex world. If you’re not careful, you will encounter major account losses.
This is where Auto News Trader Expert Advisor for Metatrader 4 comes into play. This Expert Advisor uses a news library to get information whenever Forex News is happening. It uses this information not only to restrict trading, but it also tries to take advantage whenever the Expert Advisor thinks we can make profit. So it can trade during news as well. How the Auto News Trader works is it sets Buy or Sell stops above/below price whenever Forex News is happening.
Another great feature within the Auto News Trader is it gives you a lot of freedom as a trader. It has some great inputs which you can change, to make the Expert Advisor fit your own trading personality.
Without wasting much time, let’s go through the settings:
Auto news trader Expert Advisor For MT4 - SETTINGS
PipsAway - This is a very important setting. It’s an integer (meaning you can input only natural numbers ex. 10). The default value is 10. This input is used to define the pips the buy or sell stops are placed above or below the current price.
TP - We run into this input in a lot of Expert Advisors. This input is used to specify the Take Profit of the orders in pips. The current value is 20.
SL - Same as the above. This input is used to specify the Stop Loss of the orders in pips. The current value is 10. With these two values, you can control the risk to reward ratio as well, which is always useful.
CTCBN - An input which we have not run into before. This input is used to specify the number of candles to check before news to determine High & Lows , when the input is 1 it checks 2 candles the current candle and the previous one. So it always checks plus one candle, keep that in mind. The default input is 0, which means it checks only for the previous candle. Play with this input and find the best setting for you.
SecBPO - Another input we have not run into. This is an integer input, which specifies seconds before news which the Expert Advisor will place pending orders into the market. The default value is 120, which means it will place a pending order two minutes before any major forex news.
SecBMO - Kinda similar to the previous input. This input specifies the seconds before News which the Auto News Trader will stop modifying orders. The current input is 0. Which means that the Auto News Trader will not modify orders, until after News happen.
STWAN - Another input of the similar nature. This input specifies seconds to wait after News to delete pending orders. Current value of 150.
OCO - Boolean input, which means it can be True or False. When this input is true, the pending orders will cancel each other if one is hit, meaning if a pending order is activated, it will delete the others, only if this value is True. Default Value is True.
BEPips - Meaning Break even pips. This input control whenever the Stop loss is moved to break even. The orders need to be BEPips in profit, for the stop loss to be moved. Very useful input. The default value is 0. It is not activated.
TrailingStop - Controls the pips to trail. Default value of 0 means the trailing is not activated.
mm - Money management. Controls if your lots will be fixed, or based on risk percentage. If this input is False, your order lots will be fixed, otherwise they will be risk based.
RiskPercent - Valid only if mm is True. Integer input which specifies the percentage risk of account balance for each order. Current value of 3, which means for each trade, we will risk 3% of the account balance.
Lots - Valid only if mm is False. Fixed lots input for orders. Default value of 0.1, which means if mm is false, each order will have 0.1 lots.
TradeLog - Placeholder string.
Time_zone_gmt - Very important input. To find the time of trades, we need to have the current GMT, since not all the brokers are in the same time zone. Whenever this input is 0, it means London GMT. Adjust to 1 for daylight saving.
News_url - The url where the Auto News Trader gets its news from. The url is “http://www.dailyfx.com/files/".
Trade_low_news - In forex we have low, medium and high importance news. This input is a boolean (True or False), which controls whenever you want the bot to trade before/after low importance news. Current value is False.
Trade_high_news - Same concept as the previous input. This controls whenever you want the Auto News Trader to trade during high importance news. The current value is True, which means the Auto News Trader will trade before/after high importance news.
Trade_medium_news - Same concept. Controls trading for medium importance news. Current value is True, which means the Auto News Trader will trade during medium importance news.
So, as we can see, the Auto News Trader Expert Advisor takes advantage of Forex News to catch major moves which happen during them. How it works is it sets Buy or sell stops above or below the current price. During news, price can move either way, so we wait till the price activates our stop, to catch the trend up or down. We also have money management systems which allow us to secure our profits as soon as possible.
The Auto News Trader Expert Advisor gives us a lot of options to play with. According to your News Trading Strategy, you can change the input to match your personality.
Auto news trader Expert Advisor For MT4 - WAYS TO IMPROVE
Honestly, there are not a lot of ways we can improve the Auto News Trader Expert Advisor. It is complete on its own. It’s a unique Expert Advisor, meaning it does something which not many Expert Advisors do. It doesn’t use Technical analysis at all. It is 100% Fundamental analysis. It takes advantage of the major news swings.
However, the Auto News Trader could’ve had a more detailed Money Management system. Break even and trailing are not enough in my opinion. The trailing stop loss feature, should’ve had more options to play with. It has only one, which defies the pips whenever the trailing starts happening. There is nothing wrong with that, but we could’ve improved that.
However, The Auto News Trader is complete in my opinion. It has everything it needs. It offers a unique way to trade with. I would recommend anyone to try this Expert Advisor out.