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Metatrader – what can it do?

Discussion in 'General Forex Talk' started by Perses, Jun 9, 2015.

  1. Perses

    Perses Recruit

    Jun 4, 2015
    Likes Received:
    Dear forum,

    I am pretty new to forex and investing in general. A few weeks so far.
    I have downloaded an indicator for MetaTrader 4 as an .ex4 file – so I have no source code for it.
    This indicator basically paints some horizontal high/low bars onto my charts

    So far I have not done any programming on the MT platform (be it 4 or 5), but I am a software
    engineer and will probably do so. Before I waste a lot of time I would just like to ask if we have
    some MT experts here who can answer a few simple questions.

    What I would like to do is to check the quality of a combination of some given signals.
    Manually I would approach it like this:
    I open a 1M chart of, say, EUR/USD and fill it with data from maybe (let’s say) January 1st 2010
    till December 31st 2014. I would have two moving averages and this hi/lo indicator.
    Then I start at the first (leftmost) entry on my chart and look for a specific pattern.
    This pattern is something like: when a candle is above the two moving averages and it crosses
    (cuts through) one of the bars of this indicator, then I would write down the exact time of that
    candle, and do some counting, and check how the following 3-5 candles developed.

    Obviously this would take some time to do, like: months!
    Instead I am curious if I could convince MT4 do some of this work for me.

    Would it be possible to use and access this indicator somehow in my own MT4 code?
    Even though I have no idea about any API? I have no documentation or anything.
    I just have this .ex4 file and can put the indicator on a chart and see the bars it produces.


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