Spread ATR Monitor: Real-time Spread vs. Average True Range
Info
The Spread ATR Monitor: Real-time Spread vs. Average True Range is a Indicator for MetaTrader 5 that spread atr monitor displays the current trading cost relative to the typical price movement of a financial instrument. A spread value can be significant for one asset and negligible for another.
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 Spread ATR Monitor: Real-time Spread vs. Average True Range
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
Spread ATR Monitor displays the current trading cost relative to the typical price movement of a financial instrument.
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: Currency Exposure and Leverage Monitor: Analyze Your Real Risk - another powerful indicator for MetaTrader 5 traders.
Spread ATR Monitor displays the current trading cost relative to the typical price movement of a financial instrument.Also recommended: Session Range and Spread Indicator - similar indicator with strong performance on MetaTrader 5.
A spread value can be significant for one asset and negligible for another. Comparing the spread against the Average True Range (ATR) provides essential context.
The indicator shows:
- Current spread: The difference between the bid and ask prices.
- Average spread: The average spread over a specified number of recent ticks.
- Maximum spread: The highest spread observed over a specified number of recent ticks.
It also displays the ATR for the last closed bar on the current timeframe, measured in points.
Additionally, the indicator calculates the spread as a percentage of the ATR. A configurable warning threshold (defaulting to 10%) highlights when this percentage exceeds a predefined level.
This tool is valuable for:
- Manual traders assessing entry points.
- Understanding market conditions around session openings and significant news events.
- Defining appropriate maximum spread filters for automated trading systems (Expert Advisors).
Please note, this indicator is for informational purposes only and does not execute trades. It solely monitors prices and displays data.
Inputs:
- Ticks for Average and Maximum Spread Calculation: Determines the lookback period for spread statistics.
- ATR Period: The period used for calculating the Average True Range on the current chart timeframe.
- Warning Threshold (%): Sets the percentage of ATR above which a warning color is applied.
- Panel Settings: Allows customization of the indicator's display position (corner) and offsets (X/Y), as well as the colors for normal and warning states.
Example:
On XAUUSD at the M15 timeframe, a spread of 20 points was observed against an ATR of 761 points, resulting in a Spread/ATR percentage of 2.6%.
You may also like: Spread Heatmap: Hourly Spread Analysis by Day and Time - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "RobotFX"
#property version "1.00"
#property description "This code is educational. Feel free to use, modify and upgrade as you wish. Visit ROBOTFX.ORG for professional trading tools"
#property indicator_chart_window
#property indicator_plots 0
input int InpTicks = 200;
input int InpATRPeriod = 14;
input double InpWarnRatioPct = 10.0;
input int InpCorner = CORNER_RIGHT_UPPER;
input int InpX = 10;.......
⚠ 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.