Basket Chart Creator
Info
The Basket Chart Creator is a Script for MetaTrader 4 that the script generates a user-defined basket of pairs as an offline metatrader 4 chart on the specified time frame, updating continuously until manually stopped. This basket chart can be utilized for analysis or trading through 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 generates a user-defined basket of pairs as an offline MetaTrader 4 chart on the specified time frame, updating continuously until 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: Watchlist Chart Opener MT4 - another powerful script for MetaTrader 4 traders.
The script generates a user-defined basket of pairs as an offline MetaTrader 4 chart on the specified time frame, updating continuously until manually stopped.Also recommended: ticks on chart indicator - similar script with strong performance on MetaTrader 4.
This basket chart can be utilized for analysis or trading through an Expert Advisor.
The calculation of basket prices is based on the method chosen, and traders can include any instruments (currency pairs, stocks, metals, indexes, etc.) as long as they are relevant to their strategy.
Weights can be assigned to normalize basket prices.
Inputs:
- basket_name: Name of the basket chart (e.g., #com#)
- time_frame: Time frame for the basket offline chart (e.g., H1)
- pairs: List of basket instruments separated by commas (e.g., audusd,nzdusd,usdcad,euraud,eurnzd,eurcad,gbpaud,gbpnzd,gbpcad)
- pairs_dw: Directional weights of basket instruments, separated by commas (+1 for instruments with the same direction as the basket, -1 for opposite direction, e.g., +1, +1, -1, -1, -1, -1, -1, -1, -1). Fractional weights are allowed.
- template_name: Name of the template to be applied to the basket chart (e.g., adx)
Sample Baskets:
- Commodity Currencies: Includes all pairs of AUD, NZD, and CAD.
- Precious Metals: Gold, silver, platinum, and palladium.
- Yen Index: USDJPY, GBPJPY, EURJPY, etc.
- Technology Stocks: AAPL, IBM, and more.
Recommendations:
- Apply the script on an M1 chart of any currency pair for optimal results.
- The accuracy of the basket chart's historical data is contingent on the quality of the historical data of its constituent instruments.
You may also like: e-screenshot: automated chart snapshot tool - 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.