Thats not what I meant. I probably didn't say it right.
What I meant was how will mIRC start monitoring the specific file in first place to be able to trigger the event when the file changes.
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Trying to answer it myself --- perhaps similar to sockets?
Something like first creating listener with /filewatch <name> <file> and then using On 1:FILECHANGE:name:commands
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Edit:
It would likely check for change the same way that Initialization Warning checks, by looking only at timestamp date, and not filesize or contents.
I sure hope not. Because then additionally for mIRC getting all confused about loaded scripts twice a year (when DST comes in effect and ends) it would also start giving false change notices for the files you monitor as well.