We have recently developed a new news trading robot version for FIX API accounts. For this robot to work, FIX API Trader must first be installed. Once installed, it is connected to the user’s FIX API account. The software supports numerous FIX API connectors to just about any well-known FIX broker. Once the account is connected, quotes start to get transmitted to the MT4 terminal. The terminal is effectively supplied with quotes by the FIX API account, resulting in the absence of delays.

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This version comes with a number of new functionalities. A feeder has been added. The feeder enables a fast quotes provider to send quotes faster than can be done by the user’s FIX API account. When news comes out, the feeder makes it possible to see the direction in which the price moves quicker than with a slow broker, allowing the user to send an order faster and decrease slippage. Essentially, the trader can react to the market’s moves in a more rapid manner. Immediate or cancel (IOC) orders are used, whereby the broker either fills the order, entirely or partly, with the stipulated level slippage, or at a better price, or not at all. Effectively, slippage is controlled at all times.

A few new parameters have also been added. There’s a new protective mechanism that turns the expert advisor off if no quotes are received from the feeder for more than 40 seconds. This mechanism was added in order to protect the user if the expert advisor is launched in error.

Another new parameter allows the user to ignore any speeches made by influential individuals who can sway the market. This is useful because the market does not react so much to speeches as to certain remarks that might hint at the future direction of the market.

Some of the other parameters are older ones. The Use Manual Grid Start Time Setting allows the user to either trade the news manually or in fully automated mode. The latter is done with the Forex Factory calendar, which covers the most popular currencies. For exotic currencies (e.g., the Swedish krona), the user can set the parameter to “true” and trade the news manually (it is also necessary to change the time so that it is displayed in GMT).

The user can also choose the desired impact level of the news the user wants to trade. High-impact, medium-impact, and/or low-impact news can be selected. To trade all three, the user need only set each one to “true”.

The software allows the user to control the grid parameters. The use of grids involves setting two different levels: one is above and the other below the price. Once the fast-feed price as displayed by the expert advisor breaks through one of these levels, whether up or down, an order is submitted through the fast feeder. The order is submitted by using the price of the user’s FIX API broker; as the price has not yet been reached on the market, the user is ahead of the market in terms of time, which decreases the probability of slippage.

With the Grid total orders parameter, the user can set the number of grid orders, which allows the user to add several orders above or below the price. The default value is set to 2 but, due to the fact that the price moves in only one direction, values of 3 or 4 can be used as well. The Grid orders step pips parameter regulates the distance between the grid lines for the user’s orders. The Grid life time seconds parameter expresses the lifetime of the grid; once the value, expressed in seconds, is reached, the grid is destroyed. The Distance from . . . pending pips parameter sets the distance between the market price as displayed by the broker and the first order; the value can be lowered or left as is. The Price swing ModifyStepPips . . . parameter, a more complicated parameter, is explained thoroughly in the user guide.

Other parameters are standard and are rather unimportant. The one parameter that is important is the slippage parameter (ppi_SlippagePips). As IOC orders are used by the software, orders that are submitted will either be filled at the slippage level indicated in this parameter (or at a better one), or it won’t be filled at all. This ensures that slippage never exceeds the specified slippage level on any orders.

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