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This function plots economic releases on a Forex chart. It requires the following downloader Currency Pairs Calendar Data, which gets economic calendar date and stores it in a custom database. This function then reads the data and plots an arrow and the name of the economic release on the bar where it occurred. The name and arrow are colored in green on the chart if the actual economic indicator value was higher than the forecast value (positive surprise) and in red if the actual value was lower than the forecasted value.
Here is the result of using this indicator with a 15-minutes EUR/USD (Euro / United States Dollar) chart:
Formula:
a = EconomicIndicators(2); // without using plot function
Indicator Parameter:
Importance: Specify the minimum importance or impact of the indicator/release. Economic indicators with a lower importance are not drawn on the chart. The importance or impact is a value associated with each release that determines the impact of that release on the currency pairs. The higher the importance the higher the impact on the currency prices on the release.
Please note that the importance is simply a way to categorize how economic indicators affect currency prices and that even low impact news can have a high impact on a specific currency and a much lower impact on another one. Likewise, a high impact economic indicator (value higher than 2) can have a minor impact on specific currencies.
A very important measure that can have a higher influence on Forex currency prices is the difference between the actual release value and the forecast value as determined by economists.
Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.
