Basket Chart Creator script for MetaTrader 4

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.

Basket price calculation is based on the Geometric Mean 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:

Basket Chart Creator script for MetaTrader 4

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.

Free Download

Basket Chart Creator script for MetaTrader 4

MT4 Forex Script Characteristics

Platform: Metatrader 4

Type: Script

Time frames: any.

How to install Screenshot Script in MetaTrader 4 / MT4:

Copy and paste the BasketChartCreator.mql4 files into the MQL4 Scripts folder of the Metatrader 4 trading platform.

Restart your MetaTrader 4 application (assuming it’s currently open) … or Launch your MetaTrader 4 application

You can access this folder from the top menu as follows:

File > Open Data Folder > MQL4 > Script (paste here)

On the left hand side, look for the “Navigator” window and under the “Common” tab, look into the “Scripts” section

Locate the indicator which you have just downloaded into the folder stated in Step 1

Drag (Click and drag) the Script onto the chart (when you want the task to be performed)

your task should now be executed…

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