The Forex Calendar indicator, designed for Metatrader 5, is an excellent tool for staying ahead of various news events that may impact the currency market.
Utilizing an economic calendar is of utmost importance for scalpers and day traders, but its significance may be relatively less pronounced for swing traders and long-term traders.
This indicator grants you the flexibility to customize numerous parameters and indicator settings based on your individual preferences.
Key Features
- Filter news by currencies
- Filter news by volatility
- hours ahead
- hours behind
- update interval
- Display symbol names
- server time offset
- text position
- show tool tips
- indicator position
- color scheme
- alert method
- notification
- sound file
This indicator is compatible with all Forex pairs available on the MT5 charting platform.
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FXSSI.Calendar.mq5 Indicator (MT5)
Chart Example EURUSD H1
The picture below displays what the Forex Calendar indicator looks like when applied to the MT5 chart.
News-Aware Momentum MT5 Strategy Using Forex Calendar + TRIX Candle Forex Signal
This strategy combines the market-moving event insights from the Forex Calendar Indicator with momentum signals from the TRIX Candle Forex Signal Indicator.
It helps traders avoid adverse volatility around news while capturing trend momentum.
Strategy Overview
The Forex Calendar Indicator alerts you to upcoming high-impact economic events that often cause sharp price moves.
The TRIX Candle Signal Indicator provides buy and sell signals based on triple exponential momentum shifts, ideal for entering trends post-news volatility.
Trade Setup and Timing
- Check the Forex Calendar Indicator for upcoming high-impact news events affecting your trading pair.
- Avoid opening new trades 15–30 minutes before major news releases to prevent unpredictable spikes.
- After the news event, wait for the TRIX Candle Forex Signal Indicator to generate a clear buy or sell signal.
- Confirm the signal with a strong candle close in the indicated direction.
- Enter the trade with a stop-loss placed below (for buys) or above (for sells) recent swing points.
- Use trailing stops or predefined targets to manage the trade as momentum unfolds.
Buy Signal Example
- No major news is expected shortly or after the news impact fades.
- TRIX Candle Signal shows a bullish candle with a buy alert.
- Price closes above recent consolidation.
- Enter a long position with a stop-loss below support.
Sell Signal Example
- No high-impact news is imminent, and the news effect has subsided.
- TRIX Candle Signal displays a bearish candle with a sell alert.
- Price breaks below recent support.
- Open a short trade with a stop-loss above resistance.
Additional Tips
- Use on 15-minute to 1-hour charts for a balance of signal responsiveness and noise reduction.
- Combine with overall trend analysis to trade in the direction of the larger trend for higher probability.
- Consider avoiding trading during low-liquidity hours identified by the calendar.
This method lets you smartly navigate volatile news periods using the Forex Calendar Indicator and capture momentum-driven moves with the TRIX Candle Forex Signal Indicator.
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FXSSI.Calendar.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the FXSSI.Calendar.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
