In the classical sense, trading by fundamental analysis provides for the opening of transactions on the economic calendar at the time of the news release. Traders estimate published macroeconomic indicators, using as a source of analytical resources – Reuters, Bloomberg, etc. Many platforms do not support fundamental analysis (in MT4 there is even a recommendation to turn off the news flow, because it only takes up memory, without bringing benefits). The trader has to monitor simultaneously both third-party resources and platform graphs.
Macroeconomic indicators in MT5
MT5 developers have solved this problem by adding an interesting, convenient, universal functionality for trading on macroeconomic indicators to the platform. Although MT5 is often criticized compared to MT4, it is in the direction of news trading that this platform is much more perfect.
The news feed here is similar to MT4: there are several aggregators (analytical resources) from which the platform automatically downloads news. The news block is located under the price chart – the tab of the same name in the bottom toolbar.
Useful MT5 features that MT4 doesn’t have:
- Sort news by category and display necessary by analogy with the economic calendar. Configured with the right button. News is presented in the form of one brief concise sentence, reminiscent of the name. For details, you still have to access the Internet or double-click on the news itself.
- Change language news. In addition to the English display option, you can select Russian in the Server tab (Tools – Settings).
- There is a built-in economic calendar. It is a standard form with filtering, located next to the “News” tab. The publication of the macroeconomic indicator can be visualized by turning on the alert. Also, the news can be displayed on the chart (“Show on charts” and “Add all events”).
Traders who are actively working with analytical resources and the calendar, nothing special here will not see. The overall functionality of MT5 in terms of fundamental analysis is almost identical. Its advantage is one thing: everything is concentrated at the trader in one place with the possibility of imposing information. The trader does not need to be distracted separately to the calendar, then to the statistics, and only then return to the terminal. Everything is concentrated in MT5. At a minimum, it saves time for decision making. And of course, it’s just so comfortable, besides the news can always be checked on the Internet.
Traders who work on long-term strategies are better off using MT4. It has more convenient useful functions, and an economic calendar is sufficient for analyzing macroeconomic indicators. Do you agree? It will be interesting to know your opinion in the comments!