Spread Monitor Live Spread Status and Alert

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.