News is an essential part of the trading realm. You can use it to leverage all kinds of information regarding shares, prices, or trends. The onset of economic trends in the market trigger changes in the market or the value of an asset—for example, news on FOMC and NFP.
You can use our Economic calendar to monitor important trading news worldwide.
Initially, traders tended to ignore the importance of calendar news. However, this lack of interest leads to the modification of positions by many forex traders. Hence, due to the unpredictable nature of price movement, the economic calendar events gain significance in a trading strategy. However, sometimes these following sites for calendar economic events are not active. You might also forget to check the news due to other human factors. To prevent such things and ensure that you’re aware of the forex market news, you should use the calendar indicator and keep up to date with the market.
Download the FXSSI calendar from the original website page.
Description Economic Calendar Indicator
This indicator is free to download; it is present on the MT4 terminal chart and tells you about the basic forex economic calendar information. This includes the time and date of the event, the currency with which it is concerned, and its significance.
The publication fact is represented with vertical lines, while stars depict the importance from 1. Hence, providing information on news events is the primary task of the indicator. It reminds the trader about the news and keeps them up to date. This indicator is suitable for both past and present news. Hence, it aids the traders in keeping up with price movement during the onset of news and helps create strategies accordingly.
Characteristics of Economic Calendar Indicator
The indicator’s functionality is efficient in finding information about the next event with clarity.
If you want to apply it, you’ll move your cursor over the currency, and you’ll see a tool-tip pop up near the published news. Left-click on the currency name, and it’ll display the news data in the bottom left corner in the shape of a table.
The data of the indicator modifies hourly. You can also change this default setting as per your preference. You can use the forward and backward buttons below the table to switch between current and future news. The economic calendar is a refuted source since it finds information from reliable sources like Investing.com and ForexFactory.com.
In case of unavailability of one source, the indicator resorts to using the other. If you trade in multiple currencies, you can change the currency’s name to abbreviations that you prefer. Once you do that, the MT4 terminal chart will show you the news related to only those currencies.
Why should you know the news published in the Economic Calendar News Indicator?
If you know the essential information on the news, you can prevent your open stance in the market from fluctuation before the event happens and adjust your stop loss point accordingly.
If the trading signal directs you to open a trade, you should assess the future news events on the chart to determine the prudent step to take.
Hence, the benefits of news event indicators are:
- It gives you updated information about the economic calendar, which is easy to interpret.
- You get to trace the price movement about news from a publication in the past.
- It allows you to determine the profitability via news background before entering an open position.
- The color scheme is serene and not too bright or flashy, making it noticeable.
The con of this indicator is that you will not see data initially published in the news release. The innovative idea behind this indicator was to make it a tool that helps the traders make informed choices and makes them non-dominant on the screen so the forex traders won’t be interrupted by it.