News Event Breakout Entries with Paired Stop Orders
Summary
The document explains an automated approach to trading around scheduled economic news. At the opening of a candle, the expert advisor places both a buy stop and a sell stop at a configurable distance from the current opening price. When one order triggers, it cancels the other, using an OCO arrangement. Users can set an expiration period for orders that remain unfilled, and the system follows candle price movement tick by tick. The author suggests short chart intervals and notes that the software uses broker server time, which must be reconciled with the calendar’s event times.
The approach aims to capture a sharp move in either direction, but the document supplies no measured results. It warns that execution around news can be difficult: volatility, emotional decision-making, broker practices, and differences between simulated and real trading can affect outcomes. It recommends extensive strategy testing and cautious demo or small-size use, while offering no guarantee of suitability or performance.
Key ideas
- The system places buy-stop and sell-stop orders around a scheduled news event.
- It cancels the untriggered order after the opposite order executes.
- Users can configure order distance and expiration time.
- The strategy follows price changes tick by tick and relies on broker server time.
- News volatility and broker execution can make simulated results differ from live trading.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.