It is not clear to me how I could do the following.
I want to have a shortcut such that if I press ALT+' I get the accent `
More in general I want to insert additional shortcuts such that if I press "ALT + something" I get some character of my choice. I find this very convenient, for characters I do not have on my keyboard) and I am doing this with Winedt editor.
Is it possible to do similar things in texstudio?
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Yes, you can do this as a User Macro:
Macros -> Edit Macros ...
1. Create a new macro of type normal (i.e. it just inserts the text you specfied.
2. Choose an arbitrary name, e.g. 'Accent'
3. Type the accent in the text field.
Then go to Options -> Shorcuts and assign Alt + ' to it.
With this solution you will need one Macro per key.
There's also a related solution using a script. Here, you can handle arbitrary many replacements, however this does not work with Alt+... because it does not catch a key sequence but translates the character before writing it to the editor.