Economic Insight provides traders with real-time data and interactive charting that allows them to identify how events are impacting FX pairs. 

How to install Economic Insight on your Meta Trader?

To download and install the  Pro Trading Tools please follow these steps: 

• Login to MyFXTM dashboard > Trading Signals > Pro Trading Tools
• Download FX Blue or Trading Central for your Platform (Meta Trader 4 or Meta Trader 5)
• Run the dowloaded FX Blue and Trading Central files and apply them to your chosen MetaTrader Platform when prompted. 
• Relaunch the MetaTrader platform. You’ll find your FX Blue* and Trading Central tools in the ‘Navigator panel under ‘Indicators’ and/or ‘Expert Advisors’.

Now let's take a look at the functionality.

Price Volatility: The Volatility Tab

There are three filter criteria provided in the Volatility Tab. Start by going through and choosing what options best fit with your strategy:

• FX Pair
  Choose from a list of 117 FX pairs!
• Post Event Observation Period
  Calculations are done for all popular time frames used by FX traders. We have 5 observation periods starting at 5 minutes after the event up to 4 hours after the event.
• Different Outcomes of Historical Economic Events
  Do you want to see the results for:
  - If the Actual Result was below Forecast Value
  - If the Actual Result was above Forecast Value
  - If the Actual Result matched Forecast Value
  - All of the above outcomes

Based on the selection of the above 3 filter criteria, you can then find information about the following parameters:

True Range Pips:

The bar chart shows the historic True Range Pips. This measures the volatility of an FX pair during the observation period.

‍If you selected the observation period to be “1 hour after the event”, and the event occurred at 11am, the bar chart would show the volatility in True Range pips between 11am and 12pm.

Price Change:

This bar chart shows the historic Price Change, indicating if the FX pair was Bullish or Bearish. It shows the price direction of an FX pair at the end of the observation period.

If you selected the observation period to be “1 hour after the event”, and the event occurred at 11 am, the chart would show if the FX pair was Bullish or Bearish at 12pm in comparison to the price at 11am.

Average True Range Pips:

Here you can see the average volatility measured in True Range Pips over the last 1 year.

Ratio of Bullish vs. Bearish outlook for an FX pair:

View if the economic event had a Bullish or Bearish impact on the FX pair in the past.

How to prepare your trade.

Within the Volatility Tab, you can easily configure the risk/reward scenario for an FX pair and see the corresponding Take Profit and Stop Loss you'd incur.

As you scroll through the Calendar View, quickly get to this section by clicking "View Levels & Trade". After tweaking the levels to your own personal preference, click "Copy Levels and Trade" and these levels will be copied to your broker's order page.

Price Direction: The Impact Tab

There are two filter criteria provided in the Impact Tab. Start by going through and choosing what best fits with your strategy:

• FX Pair
  Filter through 117 different FX pairs to find the one you are interested in.
• Post Event Observation Period
  We offer 4 different observation periods ranging from 15 minutes after the event to 4 hours after the event.

Based on the selection of the above 2 filter criteria, you can then find information on the 2 parameters below:

‍True Range Pips:

The Impact Tab shows the historic True Range Pips for an FX pair displayed in a 5 minute price chart. It shows the volatility of the FX pair during the observation period.

If the selected observation period is set to be “4 hours after the event” and the Economic Event was at 12pm, the chart will show the volatility in True Range pips between 12pm and 4pm.

Price Change:

As we view the historic Price Change in a 5-minute price chart, the red arrow indicates if the FX pair resulted in a Bullish or Bearish price movement. It shows the price direction of an FX pair at the end of the observation period.

If the selected observation period is set to be “4 hours after the event” and the event occurred at 12pm, the chart will show if the FX pair price was Bullish or Bearish at 4pm in comparison to its price at 12pm.