The Spread is the main cost related to Forex Trading so it is very important to keep it into consideration when opening and closing a trade. The MT4 Spread Indicator allow you to easily see the Spread value on chart and also be notified if this goes above or below a specified value.
What Is The Spread In Metatrader
The Spread is the difference between the Ask and the Bid price.
It is the cost that you pay to the Broker for the transaction. You can see it as a Fee or Commission.
For example, consider a Forex transaction of EURUSD, when you check the quote you see that
If you want to go long you need to buy at the Ask price but if you want to close the transaction you need to sell at the Bid price.
In other words, to have a trade to break even or profit you will need the price to move in your favour at least the spread.
Some brokers offer accounts with minimal spread or also 0 spread accounts.
Metatrader 4 has some way of seeing the current spread but in some cases it is not very visible.
What Is The MT4 Spread Indicator
The MT4 Spread Indicator is a simple on chart indicator that helps you identify the spread value of an currency pair or other trading instrument.
The indicator keeps monitoring the spread and update the value so that you can easily see it.
MT4 Spread Indicator has a simple window to immediately detect the Spread in Pips.
In this article you can find more details about Spread in Metatrader.
Why Is The MT4 Spread Indicator Useful
So when is the spread indicator useful? If you are trading targeting big moves in the market you probably don’t need this indicator.
Assume that the spread is 2 pips and you are targeting a move greater than 300 pips, in this case the spread accounts for less the 1% of the trade so it can likely be ignored.
If you are a scalper or if you trade aiming to only a few pips of profit then the spread cannot be ignored.
The spread is the main cost when it comes to trades, so in many situations you want to trade when the spread is low.
The MT4 Spread Indicator allows you to keep the spread monitored so that you can avoid trading when the spread is too high.
How To Download And Use The MT4 Spread Indicator
You can Download For FREE the MT4 Spread Indicator with the link at the bottom of this page and install it following the below instructions.
The installation is very easy to perform, same is the use.
Once you run the indicator you can set if you want to see an extended interface or a simple one.
With this indicator you can see the Spread Value in pips. Furthermore, you can also set a default lot size so that you can also see the spread cost in your account currency.
You can receive notifications from the Spread Indicator for MT4 when the spread goes above or below a specified value.
The notifications available are:
- On Screen Alert
- Mobile App
MT4 Spread Indicator Installation
To install the MT4 Spread Indicator please follow the instructions below:
- Download the indicator file
- Open the Metatrader Data Folder (In File > Open Data Folder)
- Open the MQL4 Folder
- Copy the file in the Indicators Folder
- Restart Metatrader
For more detailed instruction on how to perform the installation please visit this article.
Please feel free to leave a feedback regarding the indicator or Contact Us for anything else.