The usual basket trading strategy has at least 3 pairs and could go up to 12 or even more pairs. For example if EurUsd is going up we could check other pairs and we will see that they could have the same movement, going up or down. That is, for EURUSD goes up, then GPBUSD, AUDUSD, NZDUSD, EURJPY, AUDJPY, GBPJPY and NZDJPY and other Majors also goes up.
So it means that if we take a Basket trade on 1 pair ( EURUSD), then we can simply take a trade on the other major 14 pairs.
This can result to a 140+ profit from the 10 pip TP on a 14 Basket.
The better it is if you have indicator that gives you the “ sum of” the pairs that you want to trade.
Also, “Offline Basket” does not give you as much noise.
In and “ Offline” chart indicator that has been around for quite some time, you may ‘ Input’ your own currencies and then give you the “ sum of” those same currencies.
First, place Indi on preferentially GBPJPY since it tends to get the most “ticks”. Next, select Time Frame, example 15 for M15 ( since if you leave it on “0”, TF, by default choose the same TF that you put the chart on” . Then you would wished to use the pairs “Basket” input. ( Can be altered to suite by changing the “Case” pairs in the code). Next, go to MT4>File>Open Offline> and then look for the file##T101##M15 etc. then double click on the required file and then the chart “offline” will open with a compilation of the required currencies. After doing so, place the conventional indicators on the chart. Kindly note that EA’s and Multi TF Indies don’t work on Offline Chart)
If you noticed that the currencies you have selected goes up, then you should see your Basket chart candles go up as well. You can now place a script to “ Buy” or “Sell” the same basket. If in this thread there is enough interest, you may place the “Scripts” for Buy, Sell and the relevant mq4,s.