This tool has been in high demand for the cTrader platform for a very long time, many traders have asked for a way of being informed when the spread widens, especially on Friday afternoons or during periods of low volatility in the markets. You can use this indicator with any symbol and on any timeframe.
How Does This Help?
This indicator will display a message on the screen, play an audible alarm and send an instant Telegram message directly to your mobile phone the moment the spread for the symbol where you have trades opens hits a predefined target. This will allow you to open your trading platform and either decide to close the trades or increase the stop loss until the spread gap decreases back to its normal value.
What is Spread?
Spread refers to the gap between the ask and bid prices of a symbol which everyone knows as the bid-ask spread. A spread of 2 pips means that the difference between the bid price and the asking price is 2 pips, this is where most brokers make their markup & fees.
What is Spread Widening?
The spread can be affected by the supply and demand and this can widen (get bigger) or narrow (get smaller) when volatility is low, and there is uncertainty the risk is at a minimum so that the bid-ask spread will narrow. This spread widening can cause traders to stop losses to be triggered if they are too tight.
An example would be a stop loss of 10 pips with EURUSD where the spread rarely goes above 1 pip, during periods of low volatility (low trading volume) the spread or price between the Bidding and Asking price can widen so that the gap is higher then 10 pips, if this happens the stop loss will be triggered and the position will close at a loss before it has a chance to close in profit later.
How to Move Panel
The spread meter panel shows are attached to the chart you are trading and shows the current and the maximum spread since the indicator was attached, to move the panel anywhere on the chart you need to follow the steps below.
- Click the mouse on the top left corner of the spread panel as shown in the red box.
- Move the panel anywhere on the screen where you wish to place it.
- Click the mouse again to set the location.
This is very useful when you are looking at another chart for a different symbol and you have some trades open, the on-screen warning message will tell you the spread has widened so you can quickly switch charts and manage your open orders.
When you attach the indicator to a chart you will see some user settings which will help you configure the alerts as shown below.
- Font size - this adjusts the size of the text in the spread panel.
- Spread alert - this is the value in pips when the alert event occurs.
- Rearm delay - the number of minutes until the alert is rearmed.
- Alert sound file - set the path to any sound file for a custom sound.
Instant Telegram Alert
You can configure this indicator to also send instant Telegram alerts direct to your PC, Tablet or mobile phone.
How To Install
First, make sure you have the cTrader trading platform installed and then simply unzip the file and double-click on it to automatically install it onto the platform.
Join Telegram Community
You can join a Telegram community and chat with other traders to discuss, share and ask for help.
Feedback & Feature Request
If you have some feedback for us to add new features to improve this product please post a suggestion below, all paying customers will get the update for free.