Spread Probe
This is a powerful addition to your MetaTrader 4 toolkit designed to optimize market analysis and performance. This Expert Advisor serves as automated trading software. It is utilized to monitor financial markets and execute trades based on predefined algorithmic rules, enabling precise position management without the need for constant manual oversight.
How to Setup and Use Spread Probe
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
Description & Settings
Most forex brokers make money from the differences between ask and bid prices (or called spreads), which are the full cost of trading for a trader.
It is critical for a trader (especially a day-trader) to trade with a broker who provides low spreads among other things. However, the reality is that spreads usually vary through the day, and brokers usually do not provide as tight spreads as they advertize or promised. How to find out if your broker is honest or compare spreads among brokers? Here, SpreadProbe is designed to do the benchmark for you.
The result is saved in a file in "experts\files" folder. It contains 3 columns: start time, end time, average spread of the interval. By default, the interval is set to 15.
