This is a must have tool for every trader, because this indicator provides the scoreboard with most important basic information for trading. It displays current server time, remaining time of the current bar, a calculated lot for the specified risk and free margin, characteristic bar sizes, and spreads.
When placed on a chart, the indicator creates a text label in the upper right corner with the following information:
-17:50 [70%] 11:42:30 SL:0 SP:17 B:A41/M39/D67 L:0.26/5%
- remaining time to current bar completion (-17:50, in the example above);
- percentage of the bar completion (70%);
- current server time;
- stoploss minimal level (SL:0);
- current spread (SP:17);
- bar characteristic on the current timeframe - average size in points (A41), median size in points (M39), half of a daily range in points (D67);
- recommended lot for given risk and free margin (L:0.26/5%);
The bar characteristics are calculated on a daily period, that is on the number of latest bars that form recent 24 hours, for example, 96 bars for M15 or 24 bars for H1. If the number of bars is less than 21 (in case of H4 and up), then 21 latest bars are used.
When parameter MonitorSpreads is true, the indicator additionally shows another text label with the following information:
- minimal spread for all the time of observation (T[10...);
- average spread for all the time of observation (...(17)...);
- maximal spread for all the time of observation (...58]);
- minimal spread for current hour (11-th hour in the example above) for all the time of observation (H[10...);
- average spread for current hour (11) for all the time of observation (...(16)...);
- maximal spread for current hour (11) for all the time of observation (...57]);
Beneath the text there will be shown a histogram with spreads statistics for every hour and overall.
- DefaultBalance - amount to use for recommended lot calculation; default - 0, which means that currently available free margin is used;
- DefaultRisk - a percent of the specified "balance" or existing free margin to use for the recommended lot calculation; default - 5%; the lot is calculated by the formula: Money * DefaultRisk / 100 / "MARGINREQUIRED for 1 lot";
- MonitorSpreads - enable/disable a mode of online spread monitoring; default - false; if true - spread on every tick is counted in the overall and hourly statistical data; the data is stored and restored in/from the file "symbol".spr, where "symbol" is the current instrument name;
The indicator creates a file with .spr extension and a name equal to current symbol name in the Files directory, where it stores spread statistics for future use. It is loaded every time the indicator is launched anew, so all statistic data is persistent.