I need EA on MT5 for trading at the moment economic data is released

News Trading Strategy in Forex

General Principle:

This strategy relies on utilizing significant economic news that can considerably impact currency prices. It aims to capitalize on rapid price movements that typically occur within seconds after the release of important news.

Strategy steps in detail:

Identifying Economic Events: events and specifying their timing in the settings.

Order Management:

- Placing pending buy and sell orders moments before the news release, at a predetermined distance from the current price.

- Adjusting these orders to maintain the specified distance in pips with every movement in the live price.

Handling News Releases:

Freezing pending orders and waiting for price movements post-news release.

Three possible scenarios after the news:

No significant volatility: Closing pending orders and ending the trading session.

Rapid price increase: Executing a buy order, canceling the sell order, and setting profit and stop-loss levels.

Rapid price decrease: Executing a sell order, canceling the buy order, and setting profit and stop-loss levels.

Risk Management:

Setting predetermined Trailing stop, stop-loss and profit target levels to minimize risks and potentially secure profits.