The Spread Monitor Forex indicator for MT4 displays the biggest and lowest spreads for your chosen time period and currency pair.
Typically, one would monitor the spread during the complete trading day to find out the lowest and the largest spread.
Some Forex brokers add a commission per trade and their spreads could be as low as 0 pips.
It’s a great tool to compare several Forex brokers’ spreads on various currency pairs and other MT4 instruments before opening a trading account.
Feel free to experiment with the different indicator’s inputs settings to suit your needs and preferences.
Free Download
Download the “SpreadWatch2.ex4” MT4 indicator
Indicator Chart (EUR/USD D1)
The EUR/USD daily chart below displays the Bid Ask Spread Metatrader 4 forex indicator in action.
Basic Trading Signals
There are no signals from the Spread Monitor Forex indicator.
Spread and Winners Rise Forex Scalping Strategy for MT4
The Spread Monitor Forex Indicator for MT4 displays the biggest and lowest spreads for your chosen time period and currency pair.
When used together with the Winners Rise Forex Scalper Indicator for MT4, which shows a green histogram for buy signals and a red histogram for sell signals, this combination creates a practical scalping method that focuses on liquidity and fast execution.
This strategy works best on short-term charts such as the M1, M5, and M15 timeframes.
It’s designed for active traders who prefer fast trades and consistent results.
The key is to use the Spread Monitor to avoid high-spread moments that can reduce profits, while the Winners Rise indicator helps time entries with precision.
This system works well during high-volume sessions such as London and New York when spreads are tight and volatility is high.
Buy Entry Rules
- Trade only when the spread shown by the Spread Monitor indicator is near the lowest value of the session.
- Wait for the Winners Rise indicator to turn green, showing bullish momentum.
- Confirm that the recent candle closes above the previous candle’s high for momentum confirmation.
- Place a buy order at the open of the next candle.
- Set the stop loss 5 to 10 pips below the nearest swing low or recent minor support.
- Take profit at 10 to 20 pips, or when the histogram turns red, whichever comes first.
Sell Entry Rules
- Trade when the spread displayed by the Spread Monitor indicator is narrow and stable.
- Wait for the Winners Rise indicator to turn red, signaling bearish pressure.
- Confirm that the last candle closes below the previous candle’s low.
- Enter a sell trade at the open of the next candle.
- Place the stop loss 5 to 10 pips above the nearest swing high or resistance area.
- Take profit at 10 to 20 pips, or exit when the histogram turns green.
Advantages
- The Spread Monitor keeps traders from entering trades when spreads widen unexpectedly.
- Entries are filtered with both volatility and momentum, improving timing accuracy.
- Works well during major trading sessions when market activity is strong.
- It can be applied to any major currency pair with tight spreads like EURUSD or GBPUSD.
Drawbacks
- Scalping requires fast decision-making and discipline to exit at signals.
- High spreads during news events can make this system unreliable.
- May not perform well in slow markets or during Asian sessions.
- Execution delays can reduce profit potential if your broker has latency.
Example Case Study 1 – EURUSD M5
During the London open, the Spread Monitor displayed a narrow spread of 0.6 pips.
The Winners Rise indicator turned green around 08:15 GMT, confirming upward momentum.
A buy order was placed at 1.0840 with a stop loss at 1.0830.
The price moved quickly to 1.0860 within 20 minutes, reaching the 20-pip target.
This trade reflected how a low-spread environment combined with a clean buy signal can produce fast profits.
Example Case Study 2 – GBPUSD M1
In the New York session, spreads stayed tight at 0.8 pips.
The Winners Rise indicator showed a red histogram at 14:20 GMT.
A sell trade was entered at 1.2745, with a stop loss at 1.2755.
Momentum pushed the pair lower to 1.2725 in just under ten minutes, producing a 20-pip gain.
The spread remained low throughout the move, showing how timing entries only when spreads are narrow improves overall results.
Strategy Tips
- Trade only when the Spread Monitor shows stable, low spreads — avoid entries when spreads widen.
- Focus on the London and New York sessions when market activity is highest.
- Always wait for a full histogram color change before entering to avoid false reversals.
- Consider setting a daily profit target and stopping after reaching it to prevent overtrading.
- Backtest this approach on different pairs to identify which instruments produce smoother signals.
This Spread and Winners Rise MT4 strategy gives scalpers a structured and realistic way to capture short-term market movements while staying aware of trading costs.
By combining spread awareness with clear momentum signals, traders can improve timing and reduce unnecessary losses.
It’s simple, visual, and adaptable to various pairs and sessions.
Download Now
Download the “SpreadWatch2.ex4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (trade start, trade end), Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Type: overlay
