The Spread Alert Forex indicator for Metatrader 5 notifies you when the currency pair’s spread exceeds the average spread.
The spread, defined as the disparity between the ask price and bid price, reflects the real cost of trading imposed by your Forex broker.
You have the flexibility to customize various parameters and indicator settings, including the ability to track spread, adjust indicator position, offset, and choose your preferred color scheme.
This indicator is compatible with all trading instruments accessible on the MT5 charting platform.
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Spread.Warner.mq5 Indicator (MT5)
Chart Example
The picture below displays how the Spread Alert indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Spread Alert Indicator?
The indicator’s purpose is not to generate buy or sell signals; instead, it monitors the spread in real-time and alerts you to any instances of excessive spreads.
Combine it with an existing trading strategy or buy/sell technical indicators.
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Spread.Warner.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Spread.Warner.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration