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Spread Indicator, Unlock Superior Trading Precision

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MT5’s spread indicator is available. Spreads should be measured in real time. Buying and selling signals that are accurate.

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Description

You may determine the minimum, average, and maximum spread of any currency pair for whatever time period you wish to examine with the Spread indicator.

The indicator is useful for examining spread fluctuations across several forex brokers.

We will examine the subtleties and quirks of trading with the Metatrader 5 indicator in this guide.

What is a Spread indicator?

The spread’s magnitude is measured and shown in real time by the indicator. The indicator also records spread values when it is open. This implies that you can quickly access historical data samples related to the spread when you look at a chart.

Spread Indicator

 

The MT5 trading platform has a text and number display with Spread = 1.6 in the upper left-hand side, as seen in the chart above.

As the ask and bid prices fluctuate, the indicator will also update in real time.

Put the spread indicator on and see what happens when significant forex news, such as the nonfarm payroll (NFP), is set to be released. The breadth of the spreads will surprise you.

How to use the Spread indicator

You need to be more conscious of the spread’s magnitude.

This is where indicators are useful.

You can prevent trading when the spread is too big, as when significant news is about to be revealed, by using the indicator to keep an eye on it.

When trading forex minors like CHF/JPY, the indicator is also helpful. This is because these combinations typically have huge spreads.

Spread Indicator

In contrast to our previous example of the EUR/USD spread, the CHF/JPY spread is 5.3, as shown in the above chart.

You may control your stop-loss by using the spreads on forex minors. You can determine the appropriate stop-loss distance.

Indicator Trading Strategy
This indicator measures the overall spread of a currency pair, making it useful for both long and short positions.

Buy Setup for the Indicator

  • The indicator should display a minimum spread.

  • Wait for the confirmation candle to appear.

  • Enter a long position at the confirmation candle.

  • Place your stop-loss at the most recent low.

  • Exit the trade when the trend shifts to bearish.

Sell Setup for the Indicator

  • The indicator should display a minimum spread.

  • Wait for the confirmation candle to appear.

  • Enter a short position at the confirmation candle.

  • Place your stop-loss at the most recent high.

  • Exit the trade when the trend turns bullish.

Conclusion

One helpful tool for figuring out the entire spread of a currency pair is the Spread indicator for MT5. It can display the pair’s minimal spread, allowing you to adjust your positions appropriately.

In order to decide whether to go long or short, you should use the signal as a filter and mix it with other technical indicators, just like you would with any other.

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The Spread indicator’s default parameters are:

font_color: Adjust the color of the indicator’s font.

font_size: Modify the size of the indicator’s font.

font_face: Change the font style of the indicator.

corner: Choose the corner where the indicator will be positioned.

spread_distance_x: Horizontal offset of the indicator.

spread_distance_y: Vertical offset of the indicator.

normalize: Normalize the spread to 1 pip.

AlertIfSpreadAbove: The indicator will trigger an alert when the spread exceeds the specified threshold.

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