Spread Probe
Info
The Spread Probe is a Expert Advisor for MetaTrader 4 that description: 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.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Experts folder via File ? Open Data Folder in MetaTrader 4.
How to Install 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.
What this tool does
Description: 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.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 4. Place the file in the MQL4/Experts folder and restart the terminal.
Description & Settings
Related: spread info - another powerful expert for MetaTrader 4 traders.
Description: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.
Also recommended: record is connected, spread, stop, freeze level - similar expert with strong performance on MetaTrader 4.
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 advertise or promise. How to find out if your broker is honest or compare spreads among brokers? Here, Spread Probe is designed to do the benchmark for you.The result is saved in a file in the experts/files folder. It contains 3 columns: start time, end time, average spread of the interval. By default, the interval is set to 15.
You may also like: disaster - excellent alternative for expert users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
extern int interval = 15; // spreads are averged over every interval in minutes
static datetime begindatetime = 0;
static datetime bni; // beginning of next interval (the end of current interval)
static int filehandle; // file handle?????????? after init, handle is reset to -1;
static double sumspread = 0.0; // summation of spreads
static int numticks = 0; // num of ticks. sumspread/numticks gives the averaged spread
int init()
{.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.