News Spread Risk Dashboard
Info
The News Spread Risk Dashboard is a Indicator for MetaTrader 5 that the news spread risk dashboard is a lightweight chart-overlay indicator designed to assist traders in identifying potentially hazardous market conditions where spread expansion can significantly impact entries, exits, and risk management, particularly during high-impact news, rollovers, session transitions, and illiquid periods (weekend openings, holidays, and thin books). Rather than speculating on the market's safety, the indicator continuously measures the real ask-bid difference and presents spread risk as a concise panel on the chart.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use News Spread Risk Dashboard
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 News Spread Risk Dashboard is a lightweight chart-overlay indicator designed to assist traders in identifying potentially hazardous market conditions where spread expansion can significantly impact entries, exits, and risk management, particularly during high-impact news, rollovers, session transitions, and illiquid periods (weekend openings, holidays, and thin books).
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Spread Monitor Indicator for MetaTrader 5 - another powerful indicator for MetaTrader 5 traders.
The News Spread Risk Dashboard is a lightweight chart-overlay indicator designed to assist traders in identifying potentially hazardous market conditions where spread expansion can significantly impact entries, exits, and risk management, particularly during high-impact news, rollovers, session transitions, and illiquid periods (weekend openings, holidays, and thin books).Also recommended: Enhanced Spread Monitor for MetaTrader 5 - similar indicator with strong performance on MetaTrader 5.
Rather than speculating on the market's safety, the indicator continuously measures the real ask-bid difference and presents spread risk as a concise panel on the chart.
Dashboard Features
The dashboard provides a rolling snapshot of spread conditions:
- Current Spread (live)
- Minimum Spread (window)
- Maximum Spread (window)
- Average Spread (window)
- Status Line: Stable or Risk with reason
The background color automatically changes when a warning condition occurs, ensuring a quick visual alert.
Why It Matters
Spread spikes frequently coincide with traders' most vulnerable moments:
- News Releases: Spreads widen before and after the event.
- Liquidity Gaps: Session open/close, rollovers, and holidays.
- Fast Markets: Sudden volatility can lead to spread bursts.
- Scalping & Tight Stops: Even minor spikes can disrupt trade logic.
This dashboard serves as a risk filter, aiding traders in deciding when to wait, reduce position sizes, adjust stop levels, or skip entries altogether.
Warning Logic
The indicator offers two warning modes:
1) Relative Spike Detection (recommended): Warns when the live spread becomes a multiple of its recent behavior.
Warning if current ≥ avg × risk multiplier. For example, a multiplier of 1.5 indicates a warning when the spread is 1.5 times the recent average. This approach adapts to varying spread conditions across different symbols.
2) Absolute Threshold (fixed limit): Warns when the live spread reaches a predefined limit.
Warning if current ≥ threshold. Supports symbol-specific thresholds for each instrument. Example format: eurusd:3.0,gbpusd:3.5,usdjpy:2.5,usdcad:3.2,xauusd:30.0,us30:8.0. Ideal for traders who know the exact spread level that invalidates setups for specific markets.
Display Units
The indicator supports multiple display modes for different asset classes:
- Smart Auto: Forex displays in pips, non-Forex in price difference (ask-bid).
- Price Difference (always)
- Spread Percentage (universal risk metric)
- Classic Pips (forced)
- Raw Points (forced)
Alerts (optional)
When a risk condition is detected, traders can enable alerts with a cooldown:
- Popup Alert
- Sound Alert
- Push Notification
Performance and Stability
- Utilizes a millisecond timer for seamless updates, crucial for crypto and fast feeds.
- Stores samples in a rolling window (default 300 seconds).
- Includes a minimum sample interval and a safety cap to prevent data overflow.
- Debug logging can be enabled for diagnostics, but not recommended for live trading.
Recommended Settings
- Display Mode: Smart Auto
- Warning Mode: Relative
- Risk Multiplier: 1.5 to 2.0
- Window: 300 seconds
- Symbol-specific thresholds can be enabled and fine-tuned for frequently traded symbols.
Notes and Limitations
- The indicator measures spread behavior, not slippage or execution quality directly.
- Spread values vary based on broker feed and symbol contract specifications.
- For highly illiquid symbols, consider increasing the minimum sample interval or reducing update speed.
You may also like: Spread Profile by Hour - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "2.20"
#property indicator_chart_window
#property indicator_plots 0
#include <arrays\arrayobj.mqh>
enum enum_display_mode
{
mode_smart_auto,
mode_price_difference,.......
⚠ 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.