News Protection Utility EA for MT5: Comprehensive User Guide and Input Walkthrough

Overview

The News Protection Utility EA is a robust tool designed to safeguard trading accounts by mitigating the risks associated with sudden market volatility during news events. This utility EA does not place trades; instead, it proactively manages the account by scanning for upcoming news events of varying impact levels (high, medium, low) and performing predefined actions to protect the account from unexpected movements.

You can download the product here  News Stopper

Core Features

1. News Impact Detection

   • Monitors news events categorized by impact levels: High, Medium, and Low.
   • Configurable settings to enable or disable monitoring of specific impact levels.

2. Protective Actions

   • Automatically closes trades, charts, or the terminal based on user-defined parameters when a news event approaches.
   • Option to specifically close the highest losing trade.

3. Customizable Scanning Modes

   • Two scanning modes:
     • Every Tick: Continuous monitoring for news events.
     • Period-wise: Periodic monitoring based on selected timeframes.

4. Trading Pause Functionality

   • Stops trading a set number of minutes before a news event.
   • Automatically resumes trading after a specified pause period.

5. Alert System

   • Provides notifications via alerts, emails, and push notifications.

6. Visual Interface

   • Customizable dashboard to display news events and account status.

Input Parameters

General Settings

• SHOW_LOGS : Enables or disables logging for detailed analysis.
  • Default: false
• SCAN_MODE : Determines the frequency of news scans.
  • Options: EVERY_TICK or PERIOD_WISE
  • Default: EVERY_TICK
• ENABLE_MAGIC_NUMBER : Activates the magic number filter for trade management.
  • Default: false
• MAGIC_NUMBER_INPUT : Specifies the magic number to track.
  • Default: 20131111

News Settings

• TRADEMINUTES : Number of minutes before a news event to stop trading.
  • Default: 5
• PAUSE_TRADING_FOR : Number of minutes to pause trading after a news event.
  • Default: 60
• ENABLE_HIGH_IMPACT : Enables monitoring of high-impact news events.
  • Default: true
• ENABLE_MEDIUM_IMPACT : Enables monitoring of medium-impact news events.
  • Default: true
• ENABLE_LOW_IMPACT : Enables monitoring of low-impact news events.
  • Default: true
• SCAN_FREQUENCY : Defines the frequency of scanning for news events.
  • Options: M1 , M5 , M15 , etc.
  • Default: M1
• DATA_START_MINUTES : Start time (in minutes) for data collection before a news event.
  • Default: 60
• DATA_END_MINUTES : End time (in minutes) for data collection after a news event.
  • Default: 1440

Action Settings

• CLOSE_HIGHEST_LOOSING_TRADE : Closes the most losing trade before a news event.
  • Default: true
• CLOSE_TRADES : Closes all trades during drawdown conditions.
  • Default: true
• CLOSE_CHARTS : Closes all open charts during news events.
  • Default: false
• CLOSE_TERMINAL : Closes the trading terminal upon specific conditions.
  • Default: false

Alert Settings

• ALLOW_ALERT : Enables on-screen alerts.
  • Default: true
• ALLOW_NOTIFICATION : Sends push notifications to mobile.
  • Default: true
• ALLOW_EMAIL : Sends email notifications.
  • Default: true

News Display Settings

• panel3_left : Defines the horizontal positioning of the news panel.
  • Default: 30
• panel3_x : Additional horizontal offset for the news panel.
  • Default: -50
• panel3_top : Defines the vertical positioning of the news panel.
  • Default: 30
• panel3_y : Additional vertical offset for the news panel.
  • Default: 20
• title_color : Sets the color of the panel title.
  • Default: clrGhostWhite
• key_color : Sets the color for key labels.
  • Default: clrSkyBlue
• value_color : Sets the color for values displayed in the panel.
  • Default: clrWhite

How It Works

1. Initialization

   • Configure the desired input parameters, including news impact levels, scanning modes, and action settings.

2. Scanning for News Events

   • Based on the selected mode ( EVERY_TICK or PERIOD_WISE ), the EA continuously or periodically checks for upcoming news events.

3. Pre-Event Actions

   • A specified number of minutes before a news event, the EA executes pre-defined actions such as stopping trading or closing the highest losing trade.

4. Post-Event Recovery

   • After the event, the EA resumes trading based on the user-defined pause duration.

5. Notifications

   • Alerts are sent via email, push notifications, or on-screen messages to inform the user of the actions taken.

6. Dashboard Display

   • The user-friendly dashboard provides a visual representation of news events and the account's status.

Best Practices

• Regularly update the news feed to ensure timely and accurate event detection.
• Use the magic number filter to manage trades placed by specific EAs or strategies.
• Combine the EA with your trading plan to avoid significant exposure during volatile market conditions.