Spread MetaTrader forex indicator — shows the current spread in the main window of the mt4 chart. You can modify the font parameters, the forex indicator’s position, and the spread value’s normalization. The forex spread is redrawn after each chart tick, ensuring the most current and active chart spread value. This can be useful for forex brokers with variable spreads or with forex spreads that are widened. You can also enable a chart spread label to display near the current Bid line. The forex indicator is on for both MT4 and MT5.
Input parameters
- UseCustomPipSize (main default = false) — if true, the chart pip size will be based on the DecimalPlaces input parameter. Otherwise, we will use the broker’s default pip size.
- DecimalPlaces (main default = 0) : the number of decimal places in a pip. E.g., “4” if the pip looks like “0.0001”.
- AlertIfSpreadAbove (main default = 0): if above 0, then one or more alerts will be issued if the spread goes above the given value.
- AlertNative (default = true) — We will use a native popup alert if true.
- AlertSound (default = false) — if true, it will play a sound alert.
- AlertEmail (default = false) : alerts will be sent via Email if true. should properly configure Email in forex MetaTrader via Tools->Options-> Email.
- AlertNotification (default = false) — if true, will send alerts via push notifications to your smart mobile device. Notifications should be properly configured in forex MetaTrader via Tools->Options->Notifications.
- DrawLabel (main default = false) — if true, draw a small text label near the Bid line with the current spread value.
- font_color (main default = Red) — color of the spread indicator.
- font_size (main default = 14) — size of the spread indicator.
- font_face (main default = “Arial”) — font of the spread indicator.
- corner (main default = ANCHOR_LEFT_UPPER) — location for the spread forex indicator on the chart.
- spread_distance_x (main default = 10) : horizontal distance from the corner to forex indicator.
- spread_distance_y (main default = 130) : vertical distance from the corner to the spread indicator.
- DrawTextAsBackground (main default = false): if true, the text label with the chart spread value will be drawn as background. It can be helpful to prevent the spread indicator from obscuring the chart.
- label_font_color (main default = Red) : color of the spread label.
- label_font_size (main default = 13) : size of the spread label.
- label_font_face (main default = “Courier”) : font of the spread label.
Usage
The forex indicator measures the current chart spread in points (pips). Because there is no convention as to what a forex pip is, there is a DecimalPlaces input parameter. Using that parameter, you can change the forex indicator’s idea of a pip. If you set it to 0, you tell the forex indicator that one pip looks like “1” — with zero decimal places.
That way, a quote like 1201.4/1202.6 will result in a chart spread of 1.2 pips. If you set DecimalPlaces to 1, then it means that your chart pip looks like “0.1” — with one decimal place.
And that means that the quote above has 12 pips of spread. Furthermore, if you believe that a good pip should look like “0.01”, you will set DecimalPlaces to 2, and the spread of the exact quote will become 120.
In another example, let’s look at the CAD/CHF quote of 0.76654/0.76773. If you want to use “0.0001” as a chart pip, you just set DecimalPlaces to 4, and the forex indicator will display the spread for that quote as 11.9 pips. If you set DecimalPlaces to 5, the forex indicator’s output will look like 119 pips.
If you want to set the custom chart pip size using DecimalPlaces, then UseCustomPipSize should be true. When UseCustomPipSize is false, the forex indicator uses the default chart pip size of the current quote. For example, it will output 12 for the 1201.4/1202.6 quote and 119 for the 0.76654/0.76773 quote.
We cannot use This forex indicator to generate trading signals. It can only assist you in making trading decisions, setting proper stop-loss or take-profit levels, and informing of the current market situation easily and quickly.
Spread MetaTrader Forex Indicator Download
Discussion
Warning! Please read the MetaTrader Forex Indicators Tutorial if you do not know how to set up this forex indicator.
Do you have any more suggestions or questions regarding this forex indicator? You can always discuss Spread with the other forex traders and MQL programmers on the indicators forums.
