Spread Lines
Info
The Spread Lines is a Indicator for MetaTrader 4 that the indicator offers two key functionalities:- customization of spread ask and bid lines, including style and thickness. - Broker spread comparison, as illustrated in the images below.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Indicators folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Spread Lines
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.
What this tool does
The indicator offers two key functionalities:- Customization of spread ask and bid lines, including style and thickness.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Indicator works on MetaTrader 4. Place the file in the MQL4/Indicators folder and restart the terminal.
Description & Settings
Related: actual resistance and support lines indicator - another powerful indicator for MetaTrader 4 traders.
The indicator offers two key functionalities:Also recommended: spread indicator for pair trading - similar indicator with strong performance on MetaTrader 4.
- Customization of spread ask and bid lines, including style and thickness.
- Broker spread comparison, as illustrated in the images below.
Images:
The top image demonstrates the customization of spread ask and bid lines.
The bottom image showcases the broker spread comparison feature, which calculates the difference between the second broker's spread and the chart spread (e.g., 8 - 5 = 3 points spread adjustment). This comparison is relative and adjusts the chart ask line accordingly.
Note: The indicator automatically sets the chart on the foreground and displays the ask line. These settings can be toggled in the indicator inputs window.
You may also like: klines indicator suite - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property strict
#property indicator_chart_window
input color ask_line = mediumseagreen; // ask line color
input color bid_line = red; // bid line color
input int line_width = 1; // line width : 1, 2, 3, 4, 5, 6, 7, .....
input string a = " * * * * * "; // line style effective only if line width = 1
input enum_line_style line_style = 1; // line style.......
⚠ 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.