Draw Ellipse Script
Info
The Draw Ellipse Script is a Script for MetaTrader 4 that a script to simplify the process of drawing ellipses on charts. Ellipses are valuable tools for highlighting areas of interest, but creating them manually can be tedious and time-consuming.
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 Draw Ellipse Script
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
A script to simplify the process of drawing ellipses on charts.
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: script for calculating mae, mfe, and drawdowns on forex securities - another powerful script for MetaTrader 4 traders.
A script to simplify the process of drawing ellipses on charts.Also recommended: Working with Objects: Creation, Modification, and Redrawing - similar script with strong performance on MetaTrader 4.
Ellipses are valuable tools for highlighting areas of interest, but creating them manually can be tedious and time-consuming. This script streamlines the process by allowing users to create an ellipse with a simple window drop.
The ellipse is automatically sized and positioned based on the drop location, making it a convenient and efficient alternative to the default functionality. It works seamlessly across different currency pairs and timeframes, ensuring a consistent and user-friendly experience.
You may also like: Draw Elliott 5 Waves - excellent alternative for script users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
int start()
{
double height;
int width;
double scale;
switch(period())
{
case period_m1: height=30;width=period()*3; scale = 0.12; break;.......
⚠ 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.