Hi.
Firstly I’m not that computer savvy and know very little about programming in Mt4 so please excuse me if this has been covered before.
What I am looking to do is to create an index chart based on the OHLC values from other forex pairs. I would like to do this with about 10 pairs.
As an example, if I was only looking at 3 pairs, Aud/Usd, Aud/Jpy and Usd/Jpy. then I would like to create 3 separate price charts for each currency, Aud,Jpy and Usd based on data from the 3 pairs with equal weightings.
So lets say on the USD index the base value for the index is 100 then on the next day the candle will be calculated as follows:
Open = 100*(((1/AUopen)/(1/AUclose[-1]))*1/2 + (UJopen/UJclose[-1])*1/2);
High = 100*(((1/AUlow)/(1/AUclose[-1]))*1/2 + (UJhigh/UJclose[-1])*1/2);
Low = 100*(((1/AUhigh)/(1/AUclose[-1]))*1/2 + (UJlow/UJclose[-1])*1/2);
Close = 100*(((1/AUclose)/(1/AUclose[-1]))*1/2 + (UJclose/UJclose[-1])*1/2);
I would calculate a AUD and JPY index chart as well.
I can currently do this in excel very easily but the problem is that you can’t change timeframes as quickly without reloading new data etc. It would be really easy if these indexes were separate candlestick charts in MT4.
Now my question is, can this be done on MT4 and how tedious is it to do? Or has this been done before? If so, please could you post a link to the page as I couldn’t find it.
Thanks alot