This is an EA utility that protects trades from sudden sharp movements due to news releases and weekend fluctuations. It will automatically download news schedule from investing.com and then if there is any trade going on, it will shrink the stop loss to a specified pips before specified no of minutes before the news release. Further it will move the stop loss to the original level after some specified no of minutes (if the stop loss was not hit).
For instance, let’s assume that there is a trade with 50 pips stop loss and high impact news is coming on the way in minutes. Then we can set this EA to shrink the stop loss to 15 pips two minutes before the news time and if the stop loss is not hit, then revert the stop loss back to 50 pips two minutes after the news release. This can save 35 pips as the news can go against you and even hit your 50 pips stop loss.
It will automatically capture the applicable news releases based on the chart currencies. Further, it will automatically adjust the time as per the broker’s time.
Optional Weekend Fluctuation Guard
Sometimes, there can be major fluctuations in prices arising on the weekends’ news and events. In such cases, you might experience large price gaps between Friday’s close price to Monday open price. This can cause a significant risk for trades carried over the weekends. If you enable weekend guard, then the stop loss will be shrunk at a specified time before the Friday close and then the stop loss will be reset to the original level after a specified time of the Monday open.
Please make sure following URLs are allowed under Tools=>Options=>Expert Advisers in your MT4
Explanations of Settings
1. Enable News Guard
Enable/disable the news guard.
2. Shrink Stop Loss before News (Minutes)
Stop loss will be shrinked before this specified minutes of the news release.
3. Shrink Stop Loss after News (Minutes)
Stop loss will be reset back to original after this specified minutes of the news release (only if the stop loss was not hit by the news).
4. Stop Loss Shrink Size (Pips)
Here you can specify the size of the stop loss shrinking in pips. This is applicable for both news and weekend guard.
5. Filter Low Impact News
Enable or disable low impact news releases.
6. Filter Medium Impact News
Enable or disable medium impact news releases.
7. Filter Medium High News
Enable or disable high impact news releases.
8. Draw News Lines on Chart
If you enable this, you can see upcoming news releases as vertical lines on the chart.
9. Enable Weekend Guard
Enable or disable weekend fluctuation guard.
10. Friday Shrinking Time – Minutes after 23rd Hour (0-59)
Here you can adjust the time of shrinking. Shrinking happens in the 23rd hour of Friday and you can set the minutes here. For instance if you set 50 here, the stop loss shrinking time will be 23:50 on Friday.
11. Monday Revert Time – Minutes after the 1st Hour (0-59)
Here you can adjust the time of reverting back the stop loss if it was not hit. Reverting happens in the 1st hour of Monday and you can set the minutes here. For instance if you set 10 here, the stop loss shrinking time will be 01:10 on Monday.
12. Effect on All Open Charts
Normally, the stop loss shrinking/reverting will happen only in the chart that the EA is attached to. But if you enable this setting it will affect all opened charts.
13. Magic No
You can change the magic number if necessary. But there is no need to change the magic number on each different chart you are using the EA. You can simply use the same magic number on all charts.