Spread MetaTrader indicator | FREE Forex Trading Indicator

Spread MetaTrader indicator displays the current spread in the chart’s main window You can change the font parameters, the position of the indicator, and the normalisation of the spread value. After each tick, the spread is redrawn to ensure the most current and active spread value. This can be useful for brokers who have variable spreads or spreads that are frequently widened. You can also enable the display of a spread label near the current Bid line. The indicator is compatible with both MT4 and MT5.

Input parameters

UseCustomPipSize (default = false) — if true, the pip size will be based on DecimalPlaces input parameter, otherwise, the broker’s default pip size will be used.
DecimalPlaces (default = 0) — the number of decimal places in a pip. E.g. “4”, if the pip looks like “0.0001”.
AlertIfSpreadAbove (default = 0) — if above zero, then one or more of the defined alerts will be issued if spread goes above given value.
AlertNative (default = true) — if true, then a native popup alert will be used.
AlertSound (default = false) — if true, then a sound alert will be played.
AlertEmail (default = false) — if true, alerts will be sent via email. Email should be properly configured in MetaTrader via Tools->Options->Email.
AlertNotification (default = false) — if true, alerts will be sent via push notifications to your mobile device. Notifications should be properly configured in MetaTrader via Tools->Options->Notifications.
DrawLabel (default = false) — if true, a small text label with the current spread value will be drawn near the Bid line.
font_color (default = Red) — color of the spread indicator.
font_size (default = 14) — size of the spread indicator.
font_face (default = “Arial”) — font of the spread indicator.
corner (default = ANCHOR_LEFT_UPPER) — location for the spread indicator on the chart.
spread_distance_x (default = 10) — horizontal distance from the corner to indicator.
spread_distance_y (default = 130) — vertical distance from the corner to indicator.
DrawTextAsBackground (default = false) — if true, the text label with the spread value will be drawn as background. It can be useful if you want to prevent the indicator from obscuring the chart.
label_font_color (default = Red) — color of the spread label.
label_font_size (default = 13) — size of the spread label.
label_font_face (default = “Courier”) — font of the spread label.

Usage

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Spread Indicator Example MetaTrader Chart

The indicator measures the current spread in points (pips). Because there is no convention as to what a pip is, there is a DecimalPlaces input parameter.

Using that parameter, you can change the indicator’s idea of a pip. If you set it to 0, you tell the indicator that one pip looks like “1” — with zero decimal places.

That way, a quote like 1201.4/1202.6 will result in a spread of 1.2 pips. If you set DecimalPlaces to 1, then it means that your 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 proper pip should look like “0.01”, you will set DecimalPlaces to 2 and the spread of the same quote will become 120.

In another example, let’s have a look at the CAD/CHF quote of 0.76654/0.76773. If you want to use “0.0001” as a pip, you just set DecimalPlaces to 4, and the indicator will display the spread for that quote as 11.9 pips. If you set DecimalPlaces to 5, the indicator’s output will look like 119 pips.

If you want to set the custom pip size using DecimalPlaces, then UseCustomPipSize should be true. When UseCustomPipSize is false, the indicator uses the default pip size of the current quote. For example, it will output 12 for 1201.4/1202.6 quote and 119 for 0.76654/0.76773 quote.

This indicator is not capable of producing trading signals. It can only help you make trading decisions, set appropriate stop-loss or take-profit levels, and keep you up to date on the current market situation in a simple and quick manner.