Spread MI N
This is a powerful addition to your MetaTrader 4 toolkit designed to optimize market analysis and performance. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Spread MI N
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
Description & Settings
The indicator is a histogram of the lowest/minimum spread only, given in a candle whilst the indicator has been running. Example scripts for placing buy or sell at the lowest spread are included.
It is similar to other spread monitoring indicators. I wanted simple code and only the spread minimums to display because I only want to pay the lowest spread for trade.
You can then use a script to place a trade and, for example, specify when current spread is equal or lower than the lowest spread in the previous candle. Probably best used on lower timeframes as otherwise you may wait for a long time to reach the minimum spread as required.
I must acknowledge:
getch
and similar.
Also, found the error description function somewhere. Thanks.
Recommendations:
Make sure the indicator has been placed on chart and running for at least a couple of candles before executing the script.
Use appropriate script or code to take trade when current spread is equal to or less than the minimum spread from the previous candle.
See example scripts for placing buy or sell.
I know the code is not perfect, please suggest improvements. Thanks!
