Market Analysis Script and Template
Info
The Market Analysis Script and Template is a Script for MetaTrader 5 that this script, when applied to a new chart, will search for and apply the specified template file to all open charts. The template includes parameters for projecting 6 exponential moving averages on a Chinese candlestick chart, mirroring the indicators on the investing.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Script works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Scripts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Market Analysis Script and Template
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
This script, when applied to a new chart, will search for and apply the specified template file to all open charts.
Typical Use Case
This Script excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Script works on MetaTrader 5. Place the file in the MQL5/Scripts folder and restart the terminal.
Description & Settings
Related: Copula Analysis: Gaussian, Student t, Clayton, Gumbel, and Frank Copulas with Tail Dependence - another powerful script for MetaTrader 5 traders.
This script, when applied to a new chart, will search for and apply the specified template file to all open charts. The template includes parameters for projecting 6 exponential moving averages on a Chinese candlestick chart, mirroring the indicators on the investing.com website for easy comparison.Also recommended: Cointegration Testing and Analysis in MT5 with Pair Scanner - similar script with strong performance on MetaTrader 5.
The lower part of the chart displays 5 additional indicators:
- Volume graph with ascending and descending real volumes in red and green.
- Average True Range (7) showing pip movement over the last 7 candlesticks (customized to reduce lag).
- RSI with high and low levels at 80% and 20% respectively, colored red for better readability.
- Stochastic Oscillator with customized levels and colors: upper/lower in blue, signal line in red, and average in green.
- MACD (12,26,9) with a customized signal line for improved clarity.
To ensure the script functions correctly, place the '.tpl' file in the MQL5 terminal directory under 'profiles\templates'.
You may also like: Market Information Script for MetaTrader 5 - excellent alternative for script users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property script_show_inputs
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#include <charts\chart.mqh>;
input enum_timeframes timeframe; // change timeframe - current = dont changed
input string template="_sohard_db_wyuez_"; // name of template (without '.tpl')
void onstart()
{.......
⚠ 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.