Forex Fox Trade News robot review:
The Fox Trade News Expert Advisor is designed for automatic placing of orders (2 order) Sell Stop and Buy Stop before important news releases in accordance with a preset schedule. The EA maintains the placed orders throughout their lifetime, which is defined parametrically (Expiration — lifetime in seconds). The “lifetime” specifies the time during which both orders (Sell Stop and Buy Stop) will be placed, opened and closed forcedly or by Stop Loss/Take Profit.
Use of this EA eliminates the necessity to stay near your PC during news releases. Placing orders, opening, maintenance, closing or deleting orders — Fox Trade News will do it for you.
- News Release Dates. NewsDate=”05.09.2014 15:29″.
It should be noted that the news Stop Order is better placed a few minutes before the news release, as in the time of release sometimes it is impossible to place an order because of the huge number of dynamic prices. Set here the estimated time of Stop order placing in your terminal time (specific time of your broker/server). As mentioned above, the desirable time is a few minutes before the news release.
- Order distance. Distantion=130.
This parameter determines the distance in points (I have 5 decimal places) from the price, where Sell Stop and Buy Stop will be placed.
- Stop Loss of Stop orders. Loss=100.
For each trading instrument and for every trader the Stop Loss is individual. The default value is 100 points.
- Take Profit of Stop orders. Profit=300.
For each trading instrument and for every trader the Take Profit is individual. The default value is 300 points.
- Order size. Lot=0.05.
- Slippage in points. slippage=3.
Acceptable deviation of the price when placing orders.
- Order lifetime, in seconds. Expiration=500.
This parameter specifies the time interval, over which the order is automatically removed (for Stop orders) or closed (for Open orders). If any of the orders opens and reaches Stop Loss/Take Profit, the second order (whether it is a Stop or an open order) will be closed automatically, even if the lifetime has not expired.
Copy and paste the file into the MQL4 Experts folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Experts (paste here)