The Spread Monitor Forex indicator for MT4 displays the biggest and lowest spread for your chosen time period and currency pair.
Typically, one would monitor the spread during the complete trading day to find out the lowest and biggest spread.
Some Forex brokers add a commission per trade and their spreads could be as lows as 0 pips.
It’s a great tool to compare several Forex broker’s spreads on various currency pairs, and other MT4 instruments before opening a trading account.
Feel free to experiment with the different indicator’s inputs settings to suit your needs and preferences.
The EUR/USD daily chart below displays the Bid Ask Spread Metatrader 4 forex indicator in action.
Basic Trading Signals
There are no signals from the Spread Monitor Forex indicator.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (trade start, trade end) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Copy and paste the SpreadWatch2.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)