Spread Logger and Bid/Ask Logger
Info
The Spread Logger and Bid/Ask Logger is a Indicator for MetaTrader 4 that it's time to introduce my contribution to the mql4 community, addressing a common concern: are brokers honest about the spreads they offer. I've developed two lightweight indicators that provide real-time insights into spread behavior, allowing you to monitor the spread, bid, and ask prices over a customizable period.
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 Logger and Bid/Ask Logger
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
It's time to introduce my contribution to the MQL4 community, addressing a common concern: Are brokers honest about the spreads they offer.
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: spread indicator for pair trading - another powerful indicator for MetaTrader 4 traders.
It's time to introduce my contribution to the MQL4 community, addressing a common concern: Are brokers honest about the spreads they offer?Also recommended: full bar with spread shadow indicator - similar indicator with strong performance on MetaTrader 4.
I've developed two lightweight indicators that provide real-time insights into spread behavior, allowing you to monitor the spread, bid, and ask prices over a customizable period. During news releases, I've observed significant spread increases on various pairs, even on demo accounts. Imagine the potential impact on real accounts!
Once applied, these indicators immediately begin logging spread, bid, and ask data for the specified number of ticks (default is 500 ticks). Within a minute, you'll see your chart populate with valuable data.
Here's an overview of the indicators:
X_SpreadLogger.mq4
- Tracks the latest spreads, enabling you to identify minimum and maximum values during specific periods.
X_BidAskLogger.mq4
- Monitors the latest bid and ask prices, providing a clear view of their performance over a defined period.
The accompanying template facilitates simultaneous application of both indicators to your chart. Alternatively, you can apply X_BidAskLogger first and then X_SpreadLogger to the same subwindow or separately, as per your preference.
Recommendations:
- Set 'lastticks' to 500 (default) for optimal performance. I've tested higher values, but 500 ticks are typically sufficient to cover the last 3-10 minutes.
- Copy the indicators to the '/experts/indicators' folder.
- Copy the template to the '/templates' folder.
- Use the provided template for the layout shown in the image.
Feel free to suggest enhancements in the comments. I'm currently working on additional features, which I'll share once they're ready and thoroughly tested. I encourage you to share your experiences and findings with the community.
You may also like: spread data logger tool - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property indicator_separate_window
#property indicator_buffers 2
#property indicator_color1 blue
#property indicator_color2 red
#property indicator_width1 2
#property indicator_width2 2
extern int lastticks=500;
double spread_ask[];.......
⚠ 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.