The Spread Indicator is a lightweight and highly practical MetaTrader tool that displays the current market spread in real time directly on the main chart window. The spread value is recalculated on every tick, ensuring that traders always see the most up-to-date and accurate spread information.

This indicator is especially useful when trading with variable-spread brokers or during periods of high volatility, such as news releases or market open/close sessions. It is fully compatible with both MetaTrader 4 and MetaTrader 5.

How the Indicator Works
The Spread Indicator measures the difference between the Bid and Ask prices and displays the spread in points or pips, depending on your configuration. Traders can customize how a pip is defined, making the indicator flexible across different instruments, including Forex pairs, indices, commodities, and cryptocurrencies.

Optionally, the indicator can display a small spread label near the current Bid line, providing immediate visual feedback without cluttering the chart.

Key Features

• Real-time spread calculation updated on every tick
• Customizable pip size normalization
• Adjustable font style, size, color, and screen position
• Optional spread label displayed near the Bid price
• Built-in alerts when spread exceeds a defined threshold
• Compatible with MT4 and MT5

Input Parameters
Spread Calculation

• UseCustomPipSize (default = false)
  Enables manual pip size definition using the DecimalPlaces parameter.
• DecimalPlaces (default = 0)
  Defines how many decimal places represent one pip (e.g. 4 for 0.0001).

Alerts

• AlertIfSpreadAbove (default = 0)
  Triggers alerts if the spread exceeds a specified value.
• AlertNative (default = true)
  Displays a MetaTrader popup alert.
• AlertSound (default = false)
  Plays a sound alert.
• AlertEmail (default = false)
  Sends email alerts (email must be configured via Tools → Options → Email).
• AlertNotification (default = false)
  Sends push notifications to mobile devices.

Display Settings

• DrawLabel (default = false)
  Displays the spread value near the Bid line.
• Font and Color Options
  Fully customizable font face, size, and color for both the main indicator and the label.
• Position Settings
  Control the indicator’s position on the chart using corner anchors and X/Y offsets.
• DrawTextAsBackground (default = false)
  Draws the text as a background element to prevent obscuring price data.

Usage & Practical Examples
Because there is no universal definition of a “pip,” the indicator allows traders to normalize spread values using the DecimalPlaces parameter.

For example:

• A quote of 1201.4 / 1202.6
  • DecimalPlaces = 0 → spread = 1.2 pips
  • DecimalPlaces = 1 → spread = 12 pips
  • DecimalPlaces = 2 → spread = 120 pips
• A quote of 0.76654 / 0.76773 (CAD/CHF)
  • DecimalPlaces = 4 → spread = 11.9 pips
  • DecimalPlaces = 5 → spread = 119 pips

When UseCustomPipSize is disabled, the indicator automatically uses the broker’s default pip definition.

Important Note
The Spread Indicator does not generate trading signals. Its purpose is to assist traders by:

• Monitoring transaction costs
• Avoiding trades during unfavorable spread conditions
• Helping set realistic stop-loss and take-profit levels

It is a decision-support tool, not a standalone trading system.

Conclusion
The Spread Indicator for MT4 & MT5 is an essential utility for traders who care about execution cost, market conditions, and trade efficiency. By providing accurate, real-time spread data with flexible customization and alerts, it helps traders make smarter decisions in fast-moving markets.

Password:forexsignalpro.net