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Spread Swap Indicator
The Spread Swap indicator for Metatrader 4 (MT4) is a custom forex trading indicator that is a simple tool showing current spread and swap rates and you can download it here for free and review by yourself.
You will have access to Spread Swap.mq4 and Spread Swap.ex4 files.
How does it work and how to use the indicator
The indicator is very simple, but it is recommended to have it because it is very useful during highly volatile market conditions. When the spread is known in real-time, the transaction cost can be significantly reduced by simply avoiding to take trades during these times when spreads and swaps are high.
This tool is displayed in a sub window located just below the main chart and it displays three handy pieces of information:
Buy and Sell Swap
is the interest which accrues for holding an open forex trading position (these are displayed in blue and red color) and it is also commonly termed the rollover in the finance industry. The rollover interest can be a profit or loss depending on which pairs you trade and it is either paid or charged to you at the end of each day when the markets are open.
is the difference between the bid and ask prices when you trade currencies, and also the amount you pay the broker on each trade for settling the trade for you (this one is displayed in yellow color).
How to add the Spread Swap indicator in MT4
Follow the instructions below to install the indicator on your Metatrader 4 trading platform:
- Click the download link at the bottom of this page;
- Extract the archives, then copy and paste the Spread Swap indicator files (format .ex4 and .mq4) into the following folder of your Metatrader 4 platform: MQL4 > Indicators;
- You can gain access to the folders this way: File > Open Data Folder > MQL4 > Indicators (paste files here);
- Restart your Metatrader 4 client;
- Select a chart of your chosen currency pair and timeframe;
- Browse “Custom Indicators” in your Navigator that is located on the left side of the MT4 software;
- Right click on the indicator name and then click “Attach to the chart”;
- You can modify settings if you need and then click ok;
- The indicator is ready and it should works on the chart now.
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