Did you ever had a day where you trading preparation was below par and some news event hit you by surprise? Let's fix that. This blog post will introduce you to the first study in the SST FreeBundle which is the Forex Factory Calendar Study. Check out the rest of this post to get the details.
Never miss a calendar event again - Set up this study now!
The Forex Factory calendar is used by many traders to be prepared for the trading week and days ahead. Solid trading preparation is part of every serious trader's routine in order to make consistent returns over along period of time. News events can be disruptive as well as they can provide great trading opportunities. This study can be used to make sure you are on top of the upcoming news items right inside your Sierra Chart screen setup.
When the study is loaded on a chart it will display the news items in text in the top-left corner. Depending on your chart setup and screen real estate you can choose to load this study on a blank 15-minute detached chart. This will prevent busy chart syndrome.
If you signed up for the FreeBundle you will see SST_FreeBundle in the custom study list, which has the study "Display Forex factory calendar news items" visible. You can check out my last blogpost on how to get access to the FreeBundle. On the Sierra Chart documentation you can check out how to add a Custom Study to your chart. Make sure you set the enabled setting of this study to "ON" and check if the other settings match your requirements.
The simple settings
The study settings are pretty straightforward. Let's have a look at them in more detail.
News items for specific currencies
This is the currency filter setting. Select the currency pair or single currency that correspond to the news items you want to display.
News items for specific impact
This is the impact filter setting. Select the impact that correspond to the news items you want to display. All, Low, Medium, High or Holiday.
Display upcoming news for today or the week
This is a display filter setting. Select the news items for today or the whole week.
Display future or all news items
This is a display filter setting. Select to display only future news items or all of them.
Color of the text
Select the color you want the news items to appear in.
A few closing remarks
In the current version of this study the position of the news items are fixed to the top-left corner and this can not be changed. When the study is loaded and set for news items for Today, the news items will be automatically updated for the next day when the chart starts its first bar in the new day. Your chart needs to update in order to show the news items. The chart settings need to be chosen with a sufficient accurate bar-period setting to see the correct filtered output. A 15-minute chart is recommended considering the timings of most events.
The study only downloads data from the SST server once a week on Sunday night (GMT) and when the study is loaded on the chart for the first time.
Future improvements that are currently on the drawing board will focus on automatic intra-day news updates and the ability to have an alert option x minutes before the news item hits the wire as well as some options to change the appearance of the news items.
Forex Calendar Study Summary
I am all about helping serious traders with #SOLID custom Sierra Chart studies. Hopefully this study is of use to you, let me know your thoughts and ideas in the comments below. Do not hesitate to contact me if you have any other questions.
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