The Spread Alert Forex indicator for Metatrader 5 notifies you when the currency pair’s spread exceeds the average spread.
The spread, defined as the disparity between the ask price and bid price, reflects the real cost of trading imposed by your Forex broker.
You have the flexibility to customize various parameters and indicator settings, including the ability to track spread, adjust indicator position, offset, and choose your preferred color scheme.
This indicator is compatible with all trading instruments accessible on the MT5 charting platform.
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Spread.Warner.mq5 Indicator (MT5)
Chart Example
The picture below displays what the Spread Alert indicator looks like when applied to the MT5 chart.
Low-Spread Trend MT5 Strategy Using Volty Channel Stop + Spread Alert
This strategy focuses on entering low-risk trades during favorable spread conditions.
It combines the real-time spread filtering power of the Spread Alert Indicator with the trend-following precision of the Volty Channel Stop Indicator.
The goal is to avoid costly entries during high spreads while riding trends with optimized stop-loss placement.
Strategy Objective
The Spread Alert Indicator monitors the live bid-ask spread and alerts you when the spread is too wide, allowing you to trade only during optimal conditions.
The Volty Channel Stop provides trailing stop zones and trend direction to keep you in winning trades longer and cut losers early.
Buy Setup
- Wait until the Spread Alert Indicator confirms that the current spread is within your acceptable range (e.g., under 2 pips).
- Confirm that the price is above the Volty Channel Stop line, indicating a bullish trend.
- Enter a buy trade on the next bullish candle close above the Volty line.
- Place a stop-loss just below the Volty Channel Stop line or the most recent swing low.
- Target the next resistance level or use a trailing stop as the trend continues upward.
Sell Setup
- Ensure the spread is low and stable using the Spread Alert tool.
- Look for the price to be below the Volty Channel Stop line, confirming a bearish trend.
- Enter a sell trade after a bearish candle closes below the Volty line.
- Stop-loss should be placed just above the Volty line or a nearby swing high.
- Take profit at the next support zone or trail stop to ride the trend.
Best Practices
- Use on M15 to H1 timeframes for optimal balance between trend clarity and spread fluctuations.
- Avoid entering trades during low liquidity periods (e.g., late Friday, Asian session) as spreads often widen
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Spread.Warner.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Spread.Warner.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
