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In this review, we will analyze News Catcher Pro, a forex software designed for professional forex traders. We will explore its features, functionality, and performance to help you determine if it is a suitable tool for your trading needs.
Forex Software for Seasonal Volatility Patterns
News Catcher Pro is a mean-reversion strategy that capitalizes on intraday seasonal volatility patterns caused by high-impact news events in the forex market. It identifies specific timeframes shortly before these events occur and enters the market accordingly. It is important to note that this software does not trade frequently, focusing on quality setups rather than quantity.
Supported Currency Pairs and Timeframe
News Catcher Pro supports three major currency pairs: GBPUSD, EURUSD, and EURGBP. It is recommended to use the M5 timeframe for optimal performance. Additionally, there is an MT5 version available for traders who prefer that platform.
Key Features of News Catcher Pro
One Chart Setup: With News Catcher Pro, you only need one chart to trade all supported symbols, simplifying your trading setup.
Multiple Currency Pairs Support: This software allows you to trade multiple currency pairs simultaneously, providing flexibility in your trading strategy.
Solid Backtest and Live Performance: News Catcher Pro has been thoroughly backtested to ensure reliable performance. It also provides live trading results for transparency and accountability.
Advanced News Filter: The software offers an advanced news filter that can be used in the Strategy Tester, allowing you to customize your trading based on high-impact news events.
Auto GMT Detection: News Catcher Pro automatically detects the GMT offset, ensuring accurate trade execution regardless of your broker’s timezone.
Self Diagnostic System: The software includes a self-diagnostic system that helps identify potential issues or conflicts, ensuring smooth operation.
Installation and Requirements
To install News Catcher Pro, simply attach it to one M5 chart, preferably EURUSD. If your broker uses a suffix in the symbol name, make sure to update the Symbol parameter accordingly. It is essential to use the recommended currency pairs for optimal performance. No set files are required as all settings are internally stored within the EA.
Please allow web requests to the provided URLs for news filter and GMT detection. These requests are necessary for the proper functioning of the software.
It is recommended to run News Catcher Pro on a VPS continuously to ensure uninterrupted trading. Additionally, using a good ECN broker is preferable for optimal order execution.
Strategy and Parameters
News Catcher Pro employs a strategy based on mean-reversion and takes into account specific parameters to determine trade setups.
The software allows you to customize several parameters, including the list of symbols to trade, the period and offset of the price channel, the period of the daily ATR indicator, and the maximum position holding time, among others.
Furthermore, you can enable or disable features such as the New Year Holiday Filter, volatility-based take profit/stop loss, hiding stop loss, news filter, and trading before/after high-impact events.
Can I backtest the EA?
Yes, you can backtest News Catcher Pro using the provided news events data file. Follow the instructions to download and place the file in the appropriate directory. This will allow you to assess the performance of the EA using historical data.
Where can I find independent testing of this product?
You can find independent testing of News Catcher Pro on the forexroboteasy.com website. They provide comprehensive reviews and performance results of various forex software, including News Catcher Pro. It is recommended to refer to their website for unbiased assessments.
Absolutely! We encourage traders to share their experiences and feedback on using News Catcher Pro. Your insights can help the trading community make informed decisions and improve their trading strategies.
Overall, News Catcher Pro is a forex software designed for professional traders seeking to capitalize on seasonal volatility patterns caused by high-impact news events. Its advanced features, solid performance, and flexibility make it a valuable tool for traders looking to enhance their trading strategies. It is important to conduct thorough research and testing to determine if News Catcher Pro aligns with your trading objectives and risk tolerance.
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The small number of currency pairs is compensated by the excellent work of the Expert Advisor. I personally prefer EURUSD because it is the world's major currencies and profits are more stable.