The financial markets never sleep. The market can be broad during the weekdays, narrow on weekends, or even inactive on certain days. That is why you must know the best time to trade using forex calendars.
A forex economic calendar provides investors with all of the fundamental data necessary to make intelligent trading choices. These economic calendars keep traders up to date on interest rate changes, job data, and GDP statistics. They can show users which forex pairings are most anticipated to be influenced by the information.
Experts typically execute around forex calendars as they like. The calendars are usually free and available online. They have an identical user interface, with the visual design being the main difference. Depending on numerous characteristics and efficiency, we assessed them and chose the best alternatives.
The 5 Best Forex Calendars
Investing.com Forex Calendar
The interface reveals the day, time, and year. On the calendar interface, you will find that the planned event, period, the denomination to be affected, the amount of the influence, actual statistics, prediction, and the previous real-time value all have their columns.
The Investing.com FX calendar’s preset standard time is EDT/EST (Eastern Daylight Time or Eastern Time Zone). Users may modify the time difference to whatever one they like. However, you won’t be able to preserve your changes until you subscribe. The original time zone is reset when you reload the calendar.
With the custom time, you may explore historical data releases and examine prospective timetables. You may choose to see a single day or a span of weeks.
You may filter upcoming activities on Investing.com. Filter them by region, type of planned event, influence, and if the calendar must indicate only time or the date to publish.
While you’re in Investing.com, click on a specific macroeconomic variable. This will reveal an explanation of the indicator. It can also show a reference to the original provider of the information and historical values.
Other features include:
- Available auto-update
- The average loading time is 3.8s
- Set recurring alerts
- The calendar is available in 30 languages.
DailyFX Forex Calendar
If you look at the description on the DailyFX forex calendar, you’ll see that it acts like a filter. You may sort the upcoming activities by launch date, region, and expected impact.
The forex calendar automatically detects the time zone. As such, you can switch the time zone using the drop-down option.
You may see happenings from a menu of 5 pre-programmed timeframes. This includes the previous week, now, tomorrow, yesterday, and the coming weeks. All this can be done with just a click. Often, users may also use the calendar to choose a specific date. You cannot, however, choose a date range.
Filters can be applied to this forex calendar depending on the nation of origin and the magnitude of the planned activity. Use the search box at the pinnacle of the DailyFx’s calendar to look for specific happenings.
When you select a particular event on this forex calendar, you’ll see a summary, a 12-month chronological graph, and associated information and commentary.
Other features include:
- Automatic and interactive updates with 4.5 seconds loading time
- The forex calendar is available in French, German, English, Chinese, and Spanish.
FXStreet Forex Calendar
FXStreet’s calendar design provides a clear picture of the upcoming event. The interface also shows the projected impact of news, current data, opinion (prediction), and prior statistics. The planned activities are denoted by a 3-letter monetary ISO code and a national flag.
The schedule also contains a feature called ‘deviation.’ This function calculates the amount of surprise when accurate data departs from the agreement. It fluctuates between -7 to +7 on a free meter. A legend is included in the FXstreet calendar.
The calendar uses GMT as its standard timeline. For active members, the calendar automatically identifies their local time. Non-registered subscribers can choose their desired time zone from a drop-down list.
The best complete filter is found in the FXStreet financial calendar. The planned occurrences can be filed according to their effect, source nation, and event type. You may use the sophisticated filter option to combine the date, region, class, and influence parameters simultaneously.
FXStreet explains an occurrence, a historical data graph chart, and a hyperlink to the source document when you tap on it. Trade effect indicators, like actual data vs. departure from the opinion, are also included in the chart. A couple of crucial forex pairings also contain the volatility proportion, genuine range, and actual range vs. variation graphs.
Other features include:
- Automatic update
- The average loading time of 2.6s
- Sound notification for all events
- Forex calendar in more than 14 languages
MQL5 Forex Calendar
The MQL5 (MetaQuotes Language 5) calendar display reveals the planned event’s timeline and current information, forecasts, and historical data. There’s likewise a legend, as well as date scrolling and filtering.
The event’s significance is depicted in the legend and the nations represented by the 3-letter ISO financial type and country flag.
Your standard time is detected by this calendar dynamically. By tapping on the current date, you can adjust your time zone.
Within 90 days, users can search for specific periods or a group of occasions. This calendar’s caption acts as a filter. An event’s significance, location, and currency are used to sort the results. The MQL5 calendar search supports 18 currencies.
When you choose a specific event, you’ll get a report, a history graph of actual vs. predicted data, and a spreadsheet of past data.
Other features include:
- Interactive and live updates
- The average loading time of 1.79s
- Forex calendar is available in 7 languages, including Japanese, English, and German.
BabyPips.com Forex Calendar
The calendar layout on BabyPips.com displays the selected day, the upcoming activity, its effect, the actual figures, prediction, historical records, and a description column. Actual and modified data are color-coded. Green indicates that the actual data exceeded the forecast or that prior data was updated higher, and crimson suggests that the statistical evidence was below the estimate or that historical data was revised negatively.
This calendar identifies your computer’s timestamp dynamically. The local time may be customized using the drop-down list. However, it cannot be saved forever. More importantly, the calendar’s Website updates when the time zone switches.
On this calendar, you may look up events from today, yesterday, tomorrow, the previous weekend, this weekend, and the coming week. Users may also explore previous or forthcoming weekly displays by using the buttons on Babypips’ calendar.
Filters are available for denominations, the effect of upcoming activities, and periods on the schedule. Using the market opening hours option, you may choose from London, New York, Sydney, and Tokyo sessions. It accepts nine different Forex pairs.
When you tap on the ‘Details’ area, you’ll get a summary of the activity, a reference to the original resource, and the information delivery schedule. The schedule does not include previous event graphs.
Other features are:
- Automatic updates
- The average loading time of 2.31s
- The language is mainly English
Importance of Forex Calendars
Forex calendars provide invaluable information that is very useful for traders of all levels. A technical trader can use the calendar to understand better which currencies are more volatile than others. Fundamental traders can use the calendar to learn about economic releases in their area of expertise and how those releases might affect the market. Here are the three significant benefits of using forex calendars:
Proper Risk Management
The top reason that traders use the forex economic calendar is being able to manage risk effectively. As you know, trading the forex market is all about choosing the right moment to enter and exit a trade based on various factors that affect foreign exchange rates.
The forex economic calendar provides you with all of the requisite information about when authorities are likely to announce new financial data, as well as when they’re unlikely to do so. This information enables you to predict trends for a given currency pair and then execute your strategy accordingly.
Another benefit that traders enjoy as a result of using the forex economic calendar is planning.
For instance, if you want to know what’s driving the value of a currency pair, this calendar will tell you when you can expect to see new data on GDP growth or trade balance figures reported by government officials. In addition, you’ll know whether or not the market is likely to digest the data before it has a chance to affect the price of a currency pair.
Being prepared for new information that could potentially affect your trades enables you to design a strategy beforehand, which means that you’re in control of your transactions throughout the entire duration.
By using the forex economic calendar, traders gain access to additional features such as changing the time zone on a particular report for any pair. You may also export the calendar to a PDF or HTML file and share it with other traders. You can also set up free alerts to notify you when new data is available. For example, you can pinpoint the date that a country’s central bank will likely announce an interest rate decision, as well as the time in which it will be released to the public. In addition, you’ll know the time that a particular currency pair is likely to experience intense volatility due to new information.
Although most forex calendars share the same fundamental features and layout, their capabilities vary significantly. By combining their event monitoring with currency trading tools, you can determine which occurrences will affect the price and which will not. Our rating is mainly focused on qualities that are more beneficial to investors. These feature the capability to get live auto-updates, informative web, and alert signals.
Which forex calendar is the best?
We have reviewed the best five forex calendars in 2021. All the selections above provide similar information on the latest events that can affect the market.
How do I study the economic calendar?
Most financial calendars deliver a summary of every occurrence as well as a numerical number for “real,” “prediction,” and “prior.” The “predicted” figure, which can be represented as a ratio or exchange rate, reflects the expected market influence.