basket chart creator
Info
The basket chart creator is a Script for MetaTrader 4 that the script creates user defined basket of pairs as an offline metatrader 4 chart on the desired time frame, and continues to update the chart on new ticks until it is manually stopped. the basket chart can be used for analysis or even traded via an expert advisor.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Script works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Scripts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use basket chart creator
1. Installation: Move your script file into the MQL/Scripts directory and restart the platform.
2. Execution: Drag the script onto a chart; it will perform a one-time action, such as closing all open orders or clearing chart objects.
3. Editing: Use MetaEditor (F4) to modify code, click "Compile," and verify no errors appear in the terminal before running.
4. Removing: Scripts stop automatically, but you can remove them manually by right-clicking the chart and choosing "Remove Script."
Frequently Asked Questions
Q: How are scripts different from EAs? A: Scripts execute a single action and then stop; EAs monitor the market and trade continuously.
Q: Can I assign a hotkey to a script? A: Yes, right-click the script in the Navigator, select "Set Hotkey," and define your preferred keyboard shortcut.
Q: Why did my script stop? A: Scripts are designed to stop immediately after finishing their programmed command; this is normal behavior.
What this tool does
the script creates user defined basket of pairs as an offline metatrader 4 chart on the desired time frame, and continues to update the chart on new ticks until it is manually stopped.
Typical Use Case
This Script excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Script works on MetaTrader 4. Place the file in the MQL4/Scripts folder and restart the terminal.
Description & Settings
Related: ticks on chart indicator - another powerful script for MetaTrader 4 traders.
the script creates user defined basket of pairs as an offline metatrader 4 chart on the desired time frame, and continues to update the chart on new ticks until it is manually stopped.
Also recommended: e-screenshot: automated chart snapshot tool - similar script with strong performance on MetaTrader 4.
the basket chart can be used for analysis or even traded via an expert advisor.basket price calculation is based on the method.
as long as it is meaningful to the trader, a basket can contain any type of instruments (currency pairs, stocks, metals, indexes ... etc).
weights can be applied to basket contents in order to normalize is price.
inputs:
basket_name
: basket chart name (example : #com#)
time_frame
: time frame of the basket offline chart (example : h1)
pairs
: basket instruments separated by commas (example : audusd,nzdusd,usdcad,euraud,eurnzd,eurcad,gbpaud,gbpnzd,gbpcad)
pairs_dw
: directional weights of basket instruments seperated by commas (example : +1 , +1 , -1 , -1 , -1 , -1 , -1 , -1 , -1).
+
is used if the direction of the instrument is the same as the basket direction. the plus sign is optional
-
is used if the direction of the instrument is opposite to the basket direction
weights can be fractions (0.25, 6.5 ... etc)
template_name
: name of the template that you like to be automatically applied to the basket chart. (example : adx)
sample baskets:
commodity currencies basket containing all pairs of aud, nzd and cad
precious metals (gold, silver, platinum, palladium)
yen index (usdjpy, gbpjpy, eurjpy ... )
technology stocks (aapl, ibm ...)
about:
inputs:
recommendations:
it is recommended to apply the script on m1 chart (any currency pair).
the quality of the basket chart history is highly dependent on the history data quality of its instruments.
You may also like: chart refresh script - excellent alternative for script users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property version "1.00"
#property strict
#property show_inputs.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.