The built-in economic calendar in MetaTrader (MT4/MT5) is a powerful tool for staying informed about key economic events that can impact the forex market. It provides real-time updates on scheduled events like interest rate decisions, GDP releases, and employment data, helping traders anticipate market volatility and make more informed decisions.

Accessing the Economic Calendar in MetaTrader

1. MetaTrader 5 (MT5):
   • Open your MT5 platform.
   • Go to the “Toolbox” at the bottom of the platform (press Ctrl + T if it’s not visible).
   • Click the “Calendar” tab in the Toolbox window.
2. MetaTrader 4 (MT4):
   • MT4 does not have a built-in economic calendar by default. You can integrate third-party plugins or visit external economic calendars.

Features of the MetaTrader Economic Calendar

1. Event Listings:
   • Displays upcoming economic events with key details such as:
     • Date and time of release.
     • Currency affected (e.g., USD, EUR).
     • Event type (e.g., Non-Farm Payrolls, CPI, GDP).
   • Impact level (e.g., high, medium, low).
2. Historical Data:
   • Some events include historical figures, forecasts, and actual results for reference.
3. Custom Filters:
   • Filter events by:
     • Impact Level: Focus on high-impact events for potential market volatility.
     • Currencies: Select only the currencies relevant to your trading pairs.
     • Timeframe: Display events for specific dates or trading sessions.
4. Time Zone Synchronisation:
   • The calendar automatically syncs with your platform’s time zone.
5. Direct Chart Integration (MT5):
   • Certain economic events can be displayed directly on charts, offering a visual reference for price movements before and after the event.

Using the Economic Calendar in MetaTrader

1. Monitor Upcoming Events

• Check the calendar daily or weekly to identify significant events that could affect your trading pairs.

2. Assess Event Importance

• Focus on high-impact events (marked with red or a similar indicator) as they are more likely to create volatility.
• Medium-impact events (yellow/orange) may still influence price movements but with less intensity.

3. Plan Your Trades

• Avoid entering trades shortly before high-impact events unless part of a specific news trading strategy.
• Adjust stop-loss and take-profit levels to account for potential volatility.

4. Analyse Historical Data

• Review previous event outcomes and compare them with forecasts to understand how markets typically react.

5. Set Alerts

• Use MetaTrader alerts to notify you before key events, ensuring you’re prepared to monitor or adjust your trades.

6. View Event Impact on Charts (MT5 Only)

• Enable economic events on your charts:
  • Right-click on the chart.
  • Select “Properties” or press F8.
  • Under the “Events” tab, check the option to display economic calendar events on the chart.

Practical Tips for Using the Economic Calendar

• Customise the Calendar: Filter by currencies and impact levels to focus only on relevant events.
• Use as a Risk Management Tool: Close or tighten stop-loss levels on trades affected by scheduled events.
• Combine with Technical Analysis: Align your trading strategy with technical levels while considering potential news-driven volatility.
• Avoid Overtrading: Resist the urge to trade every news event. Focus on high-probability setups.

FAQs

Does MetaTrader 4 have an economic calendar?
No, MT4 does not have a built-in economic calendar. You can integrate external tools or use third-party plugins.

Can I display economic events on my MT5 charts?
Yes, in MT5, you can enable economic events to appear directly on your charts.

How do I filter events in the MetaTrader calendar?
In MT5, use the filter options to select currencies, impact levels, or specific timeframes.

What is a high-impact event?
High-impact events, like interest rate decisions or Non-Farm Payrolls, are marked with high-importance indicators and can cause significant market volatility.

How do I sync the calendar with my time zone?
The economic calendar automatically adjusts to your MetaTrader platform’s time zone settings.

Can I set alerts for economic events in MetaTrader?
Yes, you can set alerts for upcoming events using the platform’s notification or alarm features.

What should I do before a major news event?
Consider reducing exposure, tightening stop-loss levels, or avoiding trades during highly volatile periods.

Does the economic calendar include forecasts and actual figures?
Yes, the MT5 calendar often provides forecasts, previous data, and actual figures for key events.

Can I use the calendar for all currency pairs?
Yes, filter the calendar by the currencies associated with your trading pairs.

Why should I use the economic calendar in trading?
It helps you anticipate market volatility, manage risk, and align your trading strategy with scheduled economic events.

Conclusion

The built-in economic calendar in MetaTrader, particularly in MT5, is a valuable tool for monitoring key market-moving events. By understanding how to access, filter, and interpret the calendar, traders can anticipate volatility, protect their positions, and take advantage of opportunities. Unlock your full potential with our expert-led trading courses. Gain insights, learn winning strategies, and take control of your trading journey today.