MT4 Spread Indicator (Spread_5digit.mq4)

Hello Traders, here is another very useful MT4 spread indicator called the spread_5digit.mq4 it (download link at the very bottom).

This mt4 spread indicator is very helpful if you wan to know the current spread of any currency pair at any time.

 

How To Use To MT4 Spread Indicator

  • You simply download the mt4 spread indicator into your metatrader folder in your computer
  • and then open up your mt4 trading platform and then upload the indicator into the chart of the currency pair that you’d like to see the current spread.

Examples of MT4 Spread Indicator In Use

Here are two examples of this MT4 spread indicator at work.

First up is on AUDNZD chart. Notice that once I placed the mt4 spread indicator on the chart, it is showing instantly a 3.6 pips spread:

Spread Indicator MT4 Spread_5digit mq4

The second example is that of USDJPY chart. Notice the spread is 1.6 pips compared to that of AUDNZD pair above.

MT4 spread indicator

How To Trade With This Mt4 Spread Indicator

The usefulness of this mt4 spread indicator lies in the fact that the mt4 trading platform does not give you any spread indicator at all where you can upload on your chart to see the changing spread each tick, second etc.

All mt4 trading platform gives you is the MT4 market watch from which you sort of ROUGHLY GUESS what the spread for each currency pair is buy subtracting the BID and ASK prices:

MT4 market watch

Having this spread indicator can allow  you to:

  • see what a current spread of non-major currency pair before placing a trade because the spreads on these currency pairs can be huge.
  • so then based on that, you can at least have a “feel” of how far away you should placed your stop loss on such trades you place.
  • spreads also increase during major forex news annnoucnements and its good to have this indicator on your chart so you can see how wide the spread are during those times should you decide to trade news.
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MT4 Spread Indicator Download Link

Here’s the download link: Spread_5digit

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