Spread Monitor Live Spread Status and Alert
- Indicators
-
Md Billal Hossen
I build Expert Advisors that actually work in live markets — not just backtests. - Version: 1.1
TITLE / OPENING PARAGRAPH:
Spread Monitor displays your broker's live spread directly on the chart — updated every tick, color-coded by status, with an optional alert when the spread gets too wide. Know before you trade whether the spread is normal or dangerous.
HOW IT WORKS:
The indicator reads the current spread every tick and shows it as a colored panel on your chart:
🟢 LOW — spread is within your normal range (green)
🟡 MID — spread is elevated, trade with caution (yellow)
🔴 HIGH — spread is dangerously wide (red)
You define the thresholds yourself. The panel resizes automatically to fit any symbol name or spread value.
FEATURES:
- Live spread in points, updated every tick
- Color-coded status: LOW / MID / HIGH
- Customizable thresholds for each status level
- Optional alert when spread exceeds your limit — fires once per breach, resets when spread drops (no spam)
- Configurable corner position, font, font size, and offset
- Auto-resizing background panel
- Works on any symbol and any timeframe
- Zero performance impact — reads data already available in the terminal
- Clean removal on detach — leaves no objects on the chart
INPUT PARAMETERS:
Display:
- Corner — Panel position on the chart (Top-Left, Top-Right, Bottom-Left, Bottom-Right)
- X Offset — Horizontal distance from the corner in pixels (default: 10)
- Y Offset — Vertical distance from the corner in pixels (default: 30)
- Font Size — Size of the text label (default: 11)
- Font Name — Font used for the label (default: Arial Bold)
- Show Symbol — Show the symbol name alongside the spread value (default: true)
Thresholds (points):
- LowMax — Spread at or below this value shows GREEN status (default: 10)
- MidMax — Spread at or below this value shows YELLOW status. Above it shows RED (default: 25)
Alert:
- Enable Alert — Turn the spread alert on or off (default: off)
- Alert Max Spread — Spread level that triggers the alert in points (default: 30)
- Alert Once — Fire the alert only once per breach, reset when spread drops (default: on)
NOTES:
- LowMax must be less than MidMax. If invalid values are entered, the indicator shows an error and does not load.
- Spread is read in points. For 5-digit brokers, 10 points = 1 pip.
- The indicator works during market hours only. No ticks = no updates.
ABOUT DEVCAT STUDIO:
We build professional-grade MQL5 tools focused on clean code, zero bloat, and real trader needs. Every product is tested on live charts before release.
