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The Spread Indicator for Metatrader 5

 
 
 
 
 
 
 

The Spread technical indicator was created to determine the current spread at a certain point in time on the price chart, located in the main indicator window. At the same time, you can independently choose the visual parameters of the indicator: color, location, normalization of the spread value.

The indicator is redrawn after each tick, providing the most accurate spread value at any time, and also allows you to open any trades at the most appropriate time. After receiving the signal, the indicator, at the discretion of the user, can send signals to email, and to a mobile device and, accordingly, to a pop-up window of the indicator. This is definitely one of the advantages of this indicator. Spread is used in both MT4 and MT5 with any currency pairs and on any timeframe.

The Spread

Input parameters of the indicator

The indicator has advanced settings that help to build the optimal view of the indicator, convenient for the user.

  • UseCustomPipSize - Brokerage pip size. Default value is False, if set to True, the pip size will be taken based on the DecimalPlaces parameter. Otherwise, the default size will be used.
  • DecimalPlaces - The number of decimal places. The default value is 0.AlertifSpreadAbove - Several or one alarm that will be executed after exceeding the given value, which is greater than zero. The default value is 0.
  • AlertNative - Alert generated in a pop-up window when set to True. The default value is False.
  • AlertSound - The signal that will play a sound when set to True. The default is False .
  • AlertEmail-Signal that will be sent to e-mail when True is selected, which will be specified in advance in the settings. The default is False.
  • AlertNotification - The signal sent to the mobile device as a push notification when set to True. The default value is False.
  • DrawLabel-Text label with the spread value near the Bid line, if set to True. Default value is False.
  • Font_color - Parameter that defines the color of the spread value. The default value is Red.
  • Font_size- Parameter that determines the size of the spread value. The default Font_face - Parameter that defines the font of the spread value. The default value is Arial.
  • Corner - A parameter that determines the location of the spread value. By default, it has the value ANCHOR_LEFT_UPPER.
  • Spread_distance_x - Distance from the corner of the price chart to the indicator horizontally. The default value is 10.
  • Spread_distance_y - Vertical distance from the corner of the price chart to the indicator. The default value is 130.
  • DrawTextAsBackground - When set to True, the indicator value is drawn as a background. The default value is value is 14.
  • Label_font_color - The text color of the indicator. The default value is Red.
  • Label_front_size - The size of the indicator text. The default value is 13.
  • Label_front_face - Text font of the indicator. The default value is Courier.
Spread settings

Using the indicator

Unfortunately, the Spread indicator cannot be used alone, since the only function of the indicator is to determine the current market situation. However, it can also be used as an auxiliary indicator to determine the correct level of stop loss and take profit orders.

The Spread indicator is very useful when trading with a profit of several points, that is, when making trades on small market movements. If you plan to trade on large market movements, you can skip the indicator value. It is generally recommended to trade with a small spread value, since the spread is the main trade expense item. That is, it is worth making trades with a small spread value. A buy trade should be made at a minimum spread value with the appearance of confirming candles, while the trend should be upward. After that, you should open a long position on the confirming candle. Stop loss is set at the recent low of the spread. It needed to exit a buy trade if a downtrend is detected in the market.

A sell trade is made at the minimum spread with a downtrend. After that, a confirming candle should appear, on which a short position is opened. Stop loss is set at the recent maximum of the spread. The trade is closed if the trend has become up.

Conclusion

The Spread indicator, despite the advanced settings, is very simple. Moreover, it is very accurate in calculations, since every tick is redrawn. But it is recommended to use the indicator with additional indicators and tools. And do not forget about proper money management.

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