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 MT5 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 MT5 Spread Indicator
The MT5 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.
MT5 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 MT5 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 MT5 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 MT5 Spread Indicator
You can Download For FREE the MT5 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 MT5 when the spread goes above or below a specified value.
The notifications available are:
- On Screen Alert
- Mobile App
MT5 Spread Indicator Installation
To install the MT5 Spread Indicator please follow the instructions below:
- Download the indicator file
- Open the Metatrader Data Folder (In File > Open Data Folder)
- Open the MQL5 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.