Introduction to the MT4 Spread Indicator
The Spread Indicator for MetaTrader 4 (MT4) is a useful forex tool that quickly allows you to get to know the current currency spread on the market. This is especially useful with non-fixed spread brokers, determining the current spread from looking a the 5-digits quotes can be an exhausting task.
In other words, the Spread Indicator is used to measure the difference between the bid and ask price of a financial instrument, security, currency pair, or asset. The spread indicator is used in a chart to visually show the spread at a quick glance of an eye and it is a popular tool among forex traders.
The indicator is displayed in the top left corner of your chart. You can easily customize the position, color and font size as with ordinary labels. Your changes won’t get overridden.
Forex MT4 Indicator Attributes
Currency pairs: all (EURUSD, GBPUSD, USDJPY, GBPJPY, AUDUSD etc.), any financial instrument
Platform: Metatrader 4
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
What Does a Spread Tell Traders?
- Spreads are based on the Buy and Sell price of a currency pair.
- Transaction costs are based on spreads and lot size.
- Spreads are variable and should be referenced from your trading software.
How to set up the Spread indicator in MT4?
Download the Spread Indicator.rar archive at the bottom of this post, unpack it, then copy and paste the Spread Indicator.ex4 or Spread Indicator.mq4 files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
Download Free Forex MT4 Spread Indicator
To download the Spread Indicator for Metatrader 4 (MT4) for free just click the button below: