notches indicator
Info
The notches indicator is a Script for MetaTrader 4 that the indicator's concept is quite straightforward, and something similar may have already been developed. however, i haven't encountered analogous indicators, so i decided to create one myself.
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 notches indicator
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 indicator's concept is quite straightforward, and something similar may have already been developed.
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: high n indicator - another powerful script for MetaTrader 4 traders.
the indicator's concept is quite straightforward, and something similar may have already been developed.however, i haven't encountered analogous indicators, so i decided to create one myself. the indicator draws lines based on ascending sequences of highs and descending sequences of lows. in an uptrend, the lines for lows are significantly shorter and can be used as entry points. in a downtrend, the opposite is true.
Also recommended: order information indicator - similar script with strong performance on MetaTrader 4.
enjoy using it! (last updated 2026)
Source Code
#property copyright "RobotFX"
#property link "https://robotfx.org"
#property indicator_chart_window
#property indicator_buffers 4
#property indicator_color1 Black
#property indicator_color2 Red
#property indicator_color3 Black
#property indicator_color4 Red
#property indicator_width1 3
#property indicator_width2 3.......
⚠ 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.