The ability to see live price changes in a spreadsheet is incredibly powerful. The end result and the Use Cases for efficient and profitable trading I will go into later, but how do you go about it?
Before we begin, you will you need two things:
Metatrader Terminal (demo or live)
Microsoft Excel from 97 upwards
In Metatrader we need to activate DDE (Dynamic Data Exchange)
(Don't worry it sounds confusing, but it's actually incredibly simple)
Go to Tools > Options > Server
"Enable DDE Server"
Now, the next step is very simple too.
Navigate to where the Metatrader instance is in your Program Files:
Double click that folder and you'll see an Excel Icon in that directory as follows:
Double click that Excel Icon and it will load Excel (naturally)
It will display a security warning: as follows: (by default Excel needs your permission to load the live data)
Click "Enable Content" (encircled)
Another dialog box appears: Click "OK"
To remove the dialog warning screens each time you power up your computer, and Launch this Excel document, follow these steps:
This is a one-off, once it's done, it's done.
Click File > Options
Click Trust Centre > Trust Centre Se tings
Ensure both boxes are checked and click OK, then click OK one more time to return to the spreadsheet.
Ok, now we got that annoying part done, (these steps are undertaken so you don't get the warning dialogue each time...), we can focus on what we can do with the live prices.
The formula for "BUY" is as follows:
Where F14 is the result of the Low divided by the High, and has to be greater than - 1
The formula for "SELL" is as follows:
Where F14 is the result of the Low divided by the High, and has to be less than -1
That's it. Enjoy your totally free scalper system!