The News Filter MT5 is a unique trading software that provides Forex traders with an advanced chart filtering solution. This tool is particularly designed to filter all expert advisors and manual charts during news time. This cutting-edge innovation in the Forex market is revolutionizing the way traders manage their strategies and positions during highly volatile news events.

How Does News Filter MT5 Work?

News Filter MT5 is a comprehensive order management system capable of handling your open positions and pending orders prior to any news release. This product does away with the need for built-in news filters in future expert advisors as it can filter all of them. However, this product does not work in the strategy tester. To evaluate the product effectively before purchasing, it’s recommended to download the demo version.

News Selection and Source

The news source is the Forex Factory’s economic calendar. The selection criteria can be based on any number of currencies, keyword identification, or news impact. The software also provides an automatic mode where only news related to the current chart is selected. The refresh rate of the news source is entirely at the user’s discretion and can be adjusted according to their specific trading strategy.

Order Management Choices

The product offers several order management options. It allows for the closing of open positions before news with the ability to restore them afterwards. Similarly, it supports the deletion of pending orders before news and can restore them post-news. Moreover, it provides the functionality to remove or move stop-loss and take-profit levels before the news, with the option to restore them afterwards. The selection of orders to manage is made easier based on chart symbol, magic numbers, and comments.

Additional Features

News Filter MT5 is equipped with a range of additional features. It offers automatic detection of expert advisor and manual setup. It prevents other expert advisors from opening new positions during news by removing them. It provides unique inputs for every filtered chart, automatic GMT detection, interactive news display, and the ability to plot vertical lines during news time. It also includes a useful notification system to MT4/MT5 mobile.

Setting Up the News Filter MT5

Setting up the News Filter is quite straightforward. You simply need to attach the News Filter to any new, empty chart which will be the main chart used to display all currently filtered charts. Then, attach “Filter This” to any chart you wish to filter. The system will automatically filter it as a manual setup if it’s attached to a chart without an expert advisor. If attached to a chart with an expert advisor, it will detect the expert advisor automatically. Lastly, click “Filter Selected” on the main chart.

FAQs

Can I test this product before purchasing?

Yes, you can download the demo version for a comprehensive evaluation of the product before purchase.

What news source does the News Filter MT5 use?

The news source is the Forex Factory’s economic calendar.

How do I set up the News Filter MT5?

You simply attach the News Filter to any new, empty chart and then attach “Filter This” to any chart you wish to filter. Finally, click “Filter Selected” on the main chart.

For independent testing of this product, you can visit the forexroboteasy.com website. You can also subscribe to updates on the results of testing this product. We invite the reader to share their experience of using this product.

This is an independent product review written in the third-person perspective, offering an impartial assessment of the News Filter MT5 platform. It’s important to note that the review does not endorse or promote any product; it merely provides an objective analysis of the product’s features and capabilities.

Conclusion

The News Filter MT5 is a powerful tool for Forex traders looking for a competitive edge in their trading strategy. Its unique features and advanced filtering capabilities make it a must-have tool for managing trades during volatile news events. Whether you are an expert advisor or prefer manual trading, the News Filter MT5 can significantly enhance your trading efficiency and performance.