Metatrader – what can it do?


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.



Private, 1st Class
Not that I know of, because there's already all the work available and you can't program something on your own, but I could be wrong, because I didn't get serious about it...


I think it is a good trading terminal, which has a wide range of opportunities for different types of trading.
And here you can really experiment the way you want, because this platform has quite high dynamics.