Red News Hedge Trading + EA - MT4/MT5 resources

This trading strategy is based on taking advantage of high market volatility caused by high-impact red news. In this strategy, we place two trades on two different currency pairs that are known to be correlated (either positively or negatively). For example, we entered long positions in EURUSD and USDJPY seconds before major impact red news, hoping to earn some pips from any imbalance in the baskets. I wrote an EA to make trading this strategy easier. Attach the EA to the chart of one of the currency pairs (e.g. EURUSD) and enter the symbol of the hedging currency pair (e.g. USDJPY) in the EA's input settings. There are four buttons to open a position,

1. Buy/Sell: The EA opens a buy position on the attached chart and a sell position on the hedging currency pair.
2. Sell/Buy: The EA opens a sell position on the attached chart and a buy position on the hedging currency pair.
3. Buy/Buy: The EA opens a buy position on two currency pairs.
4. Sell/Sell: The EA opens a sell position on two currency pairs.

And there are three buttons to close the basket manually. You can specify the net take profit (in currency and not in points!) in the EA's input settings.

Positive correlation symbols <br> For a pair of symbols that are positively correlated (such as AUDUSD and AUDCAD), use the Buy/Sell or Sell/Buy buttons.

Negative Correlation Symbol <br> For a pair of negatively correlated instruments (e.g. EURUSD and USDJPY), use the Buy/Buy or Sell/Sell buttons.

Foreign exchange related table <br> This is a website where you can find Forex related tables,

https://www.mataf.net/en/forex/tools/correlation

For example,
Australian dollar Canadian dollar ~ Euro Australian dollar Australian dollar Japanese yen ~ Australian dollar New Zealand dollar Canadian dollar Japanese yen ~ Australian dollar Japanese yen
...

How I trade using this strategy:
1. Select high-impact red news in major currencies, such as the Australian dollar.
2. Select two other major currencies to pair with the Australian dollar so that the absolute correlation between the two pairs of currencies is greater than 0.5, such as AUDUSD and AUDCAD.
3. Check the currency strength meter a few minutes before the news is released to see which of the two currencies above (USD or CAD) is stronger.
4. Select the trade button based on the correlation sign (this can be done automatically by the EA for you) and the strongest currency you determined in the previous step.
See an example here:
https://www.forexfactory.com/showthr...4#post10532124

How to load historical data for hedging instruments?
To load historical data for a hedging symbol, you can follow these steps:
1. Press the <F2> key to bring up the History Center window.
2. Select the trading symbol (for example, EURUSD).
3. Click the <Download> button.
4. Repeat 1 to 3 for all symbols for which historical data is to be loaded.

Thread rules:
1. In this topic we only discuss the strategies and EAs presented here. I will defy anyone who writes anything in this thread.
2. To be determined.

== Updated 2019-09-14 ======================
Version. 1.84: Currency Strength Meter (CSM) was added to an EA. Recompile using MT4 build 1220.




Note: CSM requires all major currency pairs from your broker to work properly.

Enter setup instructions:

1. Select automatic time-based actions :

-AutoTrading Disabled (default), this option disables time-based automated trading.

-Buy/Buy : This option enables the EA to open buy/buy positions during automatic operation times.

-Sell/Sell : This option enables the EA to open sell/sell positions during automatic operation times.

-Buy/Sell : This option enables the EA to open buy/sell positions during automatic operation times.

-Sell/Buy: This option enables the EA to open sell/buy positions during automatic operation times.

2. Enter the automatic operation time (brokerage time):

- yyyy.mm.dd hh:mm:ss, for example 2015.11.19 14:29:30

- The EA now opens two positions according to the "Select automatic time-based actions" setting.

3. Automatic button selection?

- If enabled, the EA hides irrelevant trading buttons based on the correlation value between two symbols.

4. Hedging symbols:

- Enter the exact same hedging symbol as shown in the Market Watch on the MT4 platform.

5. Net profit (money):

- When the net profit is greater than this value, the EA will automatically close the position.

6. Net stop loss (amount):

- When the net profit becomes less than a negative number of this value, the EA will automatically close the position.

7. Equilibrium point value?

- If enabled, the lot size for trading two positions will be recalculated so that the value of one pip for both symbols is (approximately) equal (see Post 104).

- If disabled, the EA will open two positions with the lot size specified by the user.

8.1 Batch: 0.1 (default)

8.2 Number of hedging lots: 0.1 (default)

9. Slippage (points): 30 (default)

10. Magic number: 1122 (default)

- If you want to use the EA two or more times on the same symbol, you must assign different magic numbers. Otherwise, keep the default value.

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How to install this EA on your MetaTrader4 platform
For newbies, here is a video on YouTube that shows how to install any EA on the MetaTrader 4 platform in 5 simple steps