Guys, i have made a lot of money by using straddle script in MT4 for news trading. Unfortunately MT4 brokers don't like us winning so most of the time it ends up soon with lengthy struggle to get your money, then looking for another broker etc. In short - no fun. But very safe and very profitable, if you can find an honest broker.
I got frustrated and now trading only futures, however I remember the very nice feeling from winning a lot of money in couple of minutes almost without risk.
I know there is a lot of programming talent here, so decided to suggest the script logic for you guys.
Parameters: 1.New time; 2.seconds before news to place modify the orders (straddle of 2 stop limits on both sides) by bringing them at assigned distance from the market 3.Distance in ticks from the market(after order is modified this distance should remain the same by further modifying orders on every tick; 4. Stop limit offset; 5. seconds after news to cancel both orders if none is filled; 6 possible trade management with targets, trailing etc.
I know a few futures that are very thick and almost never show spreads, and if do -- never seen more then 2 ticks.
I am certain that if we had such startegy it will make money. It doesn't take a lot of time to setup and profits are huge.