Many brokers use variable spreads but sometimes it is not always apparent what the average values are and how they may change over a period of time.Thank you for reading this post, don't forget to subscribe!
The attached Indicator code (Version 1.0 and 2.0), will track the Ask to Bid price spread and dump it in OHLC format to a standard History File, which can be opened and monitored in real-time as an Offline Chart. The Indicator code is not a true indicator in the original sense but rather a means of generating an Offline Chart of the OHLC data for the variable spread over time.
Just attach the indicator to a M1 Chart and to generate an Offline Chart containing minute data of the spread. Alternatively, instead of a M1 Chart, you can use for example a H1 Chart and obtain hourly data for the spread.
With the Offline Chart open, one could for example apply a simply moving average indicator in order to monitor the average spread over time.
The Code uses DLL calls so remember to enable the “Allow DLL imports” option.
NB! Please note, that you will have to wait for a full bar to complete before any data will be available in the Offline Chart. If you are using an H1 base chart for example, then you will have to wait a full hour before at least one bar is available in the Offline Chart.
Update: Version 2.0 now has no need for a non-standard Time Frame as was the case in the first version. It now uses a Symbol Suffix instead while maintaining the same Time Frame of the original. Version 1.0 is still available for those that prefer it.
Version 2.0 Instructions:
Just attach the indicator to a Chart and select a Symbol Suffix for the Offline Chart containing spread data. This way, the Offline Chart will have the same Time Frame as the original but the Symbol Name will have the Symbol Suffix appended to both the Chart Name as well as the History File Name.
Version 1.0 Instructions:
Just attach the indicator to a Chart and select a non-standard Time Frame for the Offline Chart containing spread data.
MT4 Indicators – Download Instructions
[post-title] is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
[post-title] provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install [post-title].mq4?
- Download [post-title].mq4
- Copy [post-title].mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on [post-title].mq4
- Attach to a chart
- Modify settings or press ok
- Indicator [post-title].mq4 is available on your Chart
How to remove [post-title].mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
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