diff --git a/setup.ps1 b/setup.ps1
new file mode 100644
index 000000000..551331f3f
--- /dev/null
+++ b/setup.ps1
@@ -0,0 +1,214 @@
+# Set the console color to Matrix theme and clear the console
+$host.UI.RawUI.BackgroundColor = "Black"
+$host.UI.RawUI.ForegroundColor = "Green"
+Clear-Host
+
+# Set the log file path and initialize variables
+$LogFilePath = Join-Path $env:TEMP "script_log.txt"
+$ProjectDir = "G:\Downloads\GitHub\freqtrade"
+$RequirementFiles = @("requirements.txt", "requirements-dev.txt", "requirements-hyperopt.txt", "requirements-freqai.txt", "requirements-plot.txt")
+$VenvName = ".venv"
+
+function Write-Log {
+  param (
+    [string]$Message,
+    [string]$Level = 'INFO'
+  )
+  switch ($Level) {
+    'INFO' { Write-Host $Message -ForegroundColor Green }
+    'WARNING' { Write-Host $Message -ForegroundColor Yellow }
+    'ERROR' { Write-Host $Message -ForegroundColor Red }
+    'PROMPT' { Write-Host $Message -ForegroundColor Cyan }
+  }
+  "${Level}: $Message" | Out-File $LogFilePath -Append
+}
+
+function Get-UserSelection {
+  param (
+    [string]$prompt,
+    [string[]]$options,
+    [string]$defaultChoice = 'A'
+  )
+  
+  Write-Log "$prompt`n" -Level 'PROMPT'
+  for ($i = 0; $i -lt $options.Length; $i++) {
+    Write-Log "$([char](65 + $i)). $($options[$i])" -Level 'PROMPT'
+  }
+  
+  Write-Log "`nSelect one or more options by typing the corresponding letters, separated by commas." -Level 'PROMPT'
+  $inputPath = Read-Host 
+  if ([string]::IsNullOrEmpty($inputPath)) {
+    $inputPath = $defaultChoice
+  }
+  
+  # Ensure $inputPath is treated as a string and split it by commas
+  $inputPath = [string]$inputPath
+  $selections = $inputPath.Split(',') | ForEach-Object {
+    $_.Trim().ToUpper()
+  }
+  
+  # Convert each selection from letter to index
+  $indices = $selections | ForEach-Object {
+    if ($_ -match '^[A-Z]$') {
+      # Ensure the input is a single uppercase letter
+      [int][char]$_ - [int][char]'A'
+    }
+    else {
+      Write-Log "Invalid input: $_. Please enter letters between A and Z." -Level 'ERROR'
+      continue
+    }
+  }
+  
+  return $indices
+}
+
+function Exit-Script {
+  param (
+    [int]$exitCode,
+    [bool]$isSubShell = $true
+  )
+
+  if ($OldVirtualPath) {
+    $env:PATH = $OldVirtualPath
+  }
+
+  # Check if the script is exiting with an error and it's not a subshell
+  if ($exitCode -ne 0 -and $isSubShell) {
+    Write-Log "Script failed. Would you like to open the log file? (Y/N)" -Level 'PROMPT'
+    $openLog = Read-Host
+    if ($openLog -eq 'Y' -or $openLog -eq 'y') {
+      Start-Process notepad.exe -ArgumentList $LogFilePath
+    }
+  }
+
+  Write-Log "Press any key to exit..."
+  $host.UI.RawUI.ReadKey("NoEcho,IncludeKeyDown") | Out-Null
+  exit $exitCode
+}
+
+# Function to handle installation and conflict resolution
+function Install-And-Resolve {
+  param ([string]$InputPath)
+  if (-not $InputPath) {
+    Write-Log "ERROR: No input provided for installation." -Level 'ERROR'
+    Exit-Script -exitCode 1
+  }
+  Write-Log "Installing $InputPath..."
+  $installCmd = if (Test-Path $InputPath) { $VenvPip + @('install', '-r', $InputPath) } else { $VenvPip + @('install', $InputPath) }
+  $output = & $installCmd[0] $installCmd[1..$installCmd.Length] 2>&1
+  $output | Out-File $LogFilePath -Append
+  if ($LASTEXITCODE -ne 0) {
+    Write-Log "Conflict detected, attempting to resolve..." -Level 'ERROR'
+    & $VenvPip[0] $VenvPip[1..$VenvPip.Length] 'check' | Out-File "conflicts.txt"
+    Exit-Script -exitCode 1
+  }
+}
+
+# Function to get the installed Python version tag for wheel compatibility
+function Get-PythonVersionTag {
+  $pythonVersion = & python -c "import sys; print(f'cp{sys.version_info.major}{sys.version_info.minor}')"
+  $architecture = & python -c "import platform; print('win_amd64' if platform.machine().endswith('64') else 'win32')"
+  return "$pythonVersion-$architecture"
+}
+
+# Check for admin privileges and elevate if necessary
+if (-NOT ([Security.Principal.WindowsPrincipal][Security.Principal.WindowsIdentity]::GetCurrent()).IsInRole([Security.Principal.WindowsBuiltInRole]::Administrator)) {
+  Write-Log "Requesting administrative privileges..." -Level 'ERROR'
+  Start-Process PowerShell -ArgumentList "-File `"$PSCommandPath`"" -Verb RunAs
+  Exit-Script -exitCode 1 -isSubShell $false
+}
+
+# Log file setup
+"Admin rights confirmed" | Out-File $LogFilePath -Append
+"Starting the script operations..." | Out-File $LogFilePath -Append
+
+# Navigate to the project directory
+Set-Location -Path $ProjectDir
+"Current directory: $(Get-Location)" | Out-File $LogFilePath -Append
+
+# Define the path to the Python executable in the virtual environment
+$VenvPython = Join-Path $ProjectDir "$VenvName\Scripts\python.exe"
+
+# Check if the virtual environment exists, if not, create it
+if (-Not (Test-Path $VenvPython)) {
+  Write-Log "Virtual environment not found. Creating virtual environment..." -IsError $false
+  python -m venv "$VenvName"
+  if (-Not (Test-Path $VenvPython)) {
+    Write-Log "Failed to create virtual environment." -Level 'ERROR'
+    Exit-Script -exitCode 1
+  }
+  Write-Log "Virtual environment created successfully." -IsError $false
+}
+
+# Define the pip command using the Python executable
+$VenvPip = @($VenvPython, '-m', 'pip')
+
+# Activate the virtual environment
+$OldVirtualPath = $env:PATH
+$env:PATH = "$ProjectDir\$VenvName\Scripts;$env:PATH"
+
+# Ensure setuptools is installed using the virtual environment's pip
+Write-Log "Ensuring setuptools is installed..."
+& $VenvPip[0] $VenvPip[1..$VenvPip.Length] 'install', '-v', 'setuptools' | Out-File $LogFilePath -Append 2>&1
+if ($LASTEXITCODE -ne 0) {
+  Write-Log "Failed to install setuptools." -Level 'ERROR'
+  Exit-Script -exitCode 1
+}
+
+# Pull latest updates
+Write-Log "Pulling latest updates..."
+& git pull | Out-File $LogFilePath -Append 2>&1
+if ($LASTEXITCODE -ne 0) {
+  Write-Log "Failed to pull updates from Git." -Level 'ERROR'
+  Exit-Script -exitCode 1
+}
+
+# Install TA-Lib using the virtual environment's pip
+Write-Log "Installing TA-Lib using virtual environment's pip..."
+& $VenvPip[0] $VenvPip[1..$VenvPip.Length] 'install', '--find-links=build_helpers\', '--prefer-binary', 'TA-Lib' | Out-File $LogFilePath -Append 2>&1
+
+# Present options for requirement files
+$selectedIndices = Get-UserSelection -prompt "Select which requirement files to install:" -options $RequirementFiles -defaultChoice 'A'
+
+# Install selected requirement files
+foreach ($index in $selectedIndices) {
+  if ($index -lt 0 -or $index -ge $RequirementFiles.Length) {
+    Write-Log "Invalid selection index: $index" -Level 'ERROR'
+    continue
+  }
+  
+  $filePath = Join-Path $ProjectDir $RequirementFiles[$index]
+  if (Test-Path $filePath) {
+    Install-And-Resolve $filePath
+  }
+  else {
+    Write-Log "Requirement file not found: $filePath" -Level 'ERROR'
+    Exit-Script -exitCode 1
+  }
+}
+
+# Install freqtrade from setup using the virtual environment's Python
+Write-Log "Installing freqtrade from setup..."
+$setupInstallCommand = "$VenvPython -m pip install -e ."
+Invoke-Expression $setupInstallCommand | Out-File $LogFilePath -Append 2>&1
+if ($LASTEXITCODE -ne 0) {
+  Write-Log "Failed to install freqtrade." -Level 'ERROR'
+  Exit-Script -exitCode 1
+}
+
+# Ask if the user wants to install the UI
+$uiOptions = @("Yes", "No")
+$installUI = Get-UserSelection -prompt "Do you want to install the freqtrade UI?" -options $uiOptions -defaultChoice 'B'
+
+if ($uiOptions[$installUI] -eq "Yes") {
+  # Install freqtrade UI using the virtual environment's install-ui command
+  Write-Log "Installing freqtrade UI..."
+  & $VenvPython 'freqtrade', 'install-ui' | Out-File $LogFilePath -Append 2>&1
+  if ($LASTEXITCODE -ne 0) {
+    Write-Log "Failed to install freqtrade UI." -Level 'ERROR'
+    Exit-Script -exitCode 1
+  }
+}
+
+Write-Log "Update complete!"
+Exit-Script -exitCode 0