Trader’s Tech #12 – Indicators, Scripts and EAs Part 2

Yesterday we started a discussion on Forex trading software.  We got as far as discussing Indicators, if you haven’t read that yet, I recommend you start there. Today we’ll talk about Scripts. As before, our discussion will pertain to the Metatrader 4 platform (MT4.)

Scripts

Scripts can be thought of as one-shot EAs. When you execute a script, it does it’s thing and leaves.  Usually a script will be used to set up certain conditions within your chart or trading platform. It may draw lines or other indicators on your chart, set up orders, execute trades, close trades, set hard stop losses and take profits, retrieve data for a file or another application or even send certain data to a web server.  We at Winner’s Edge have used them to send charts and information to our free Trade Finder application. Scripts are awesome for anything you need done on demand.

Executing a script is very similar to adding an indicator to your chart:

Trader's Tech - Scripts 1

 

To find your scripts, click on the Navigator tool bar button in the upper tool bar. Then click the plus (+) sign to the left of the Scripts icon in the Navigator window.

 

 

 

 

Trader's Tech - Scripts 2

Find your script in the list, click on it and drag it onto your chart.  The script I’m using in my demonstration is a script that will close all the orders/trades you have open in your platform. That script is very handy if you want to shut it all down in a hurry for some reason. Note the open trade in the image.

 

 

 

 

Trader's Tech - Scripts 3

 

Depending upon how your particular script has been programmed (they can be programmed to bypass the dialog box – we’ll talk about that when we start talking about programming scripts), you may get a parameters dialog box at this point.  Fill in the appropriate parameters and click the OK button.

 

 

 

Trader's Tech - Scripts 4

The script has executed, closed the open trade and “gone away”. In other words, it’s completed its job and doesn’t linger in the system. The results of the script will linger – for example if it had drawn some lines or marks on the chart or opened a position.

 

 

 

Tomorrow we’ll continue with a discussion of EAs.  Thanks for your attention. And please follow me on Twitter at http://twitter.com/IsItCoffeeYet

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  • Chris

    Where do I get the “close all” script?