Keep on track with spread Indicator and check your broker spreads!
Spread in Forex is difference between the bid and ask price. Brokers make money from spread and this is why you want as little spread as you can. Basically lower the spread better it is for you. This Spread Indicator will show you your broker Spread in the Upper Left corner of the Meta Trader 4 / MT4 terminal. Usual spreads are between 1 and 3 pips. If you are using sniping strategy you must know your spread and this Indicator will help you with that.
Different Forex brokers have different spread so make sure you choose the right broker for the job. Please note that in event of major news Brokers spread increases so this Spread Indicator is essential for trading.
This are the available settings for Spread Indicator which you can change:
- LabelColor: change the color of the text on MT4 chart
How to install Signal indicator in MetaTrader 4 / MT4:
- Download/Copy/Save the MQ4/EX4 file into your C:\Program Files\MetaTrader 4\experts\indicators folder (or change the folder to your installation sometimes forex broker name)
- Restart your MetaTrader 4 application (assuming it’s currently open) … or Launch your MetaTrader 4 application
- On the left hand side, look for the “Navigator” window and under the “Common” tab, look into the “Custom Indicators” section
- Locate the indicator which you have just downloaded into the folder stated in Step 1
- Drag (Click and drag) the indicator onto the chart
- Choose your settings and click OK.
- TADA and your done!