Introduction to the Display Ask Bid Indicator
Table of Contents
Many new traders overlook the fact that they have a trading cost that comes with every trade. This main component of this trading cost is usually the spread which is the difference between the ask and bid price. The Display Ask Bid Indicator is a tool which displays both price quotes conveniently on the price chart.
What is the Display Ask Bid Indicator?
The Display Ask Bid Indicator is exactly what its name suggests. This indicator displays the Ask Price and Bid Price on the upper corner of the price chart in a large bold font.
How the Display Ask Bid Indicator Works?
The Display Ask Bid Indicator has a simple script within its indicator program that retrieves the ask price and bid price from the broker’s price feed. It then displays the ask and bid price on the upper corner of the chart as shown above.
How to use the Display Ask Bid Indicator for MT4
The Display Ask Bid Indicator has several indicator options within its settings which can modify the visual display of the ask and bid price.
“Word Size” refers to the size of the font used on the ask and bid price display.
“Word Color” allows users to change the color of the font according to their preference.
The “Right Left” option allows users to shift the ask price and bid price display either on the upper left or upper right corner of the price chart. Setting it to “true” shifts the ask and bid price to the upper right corner of the chart, while setting it to “false” displays the ask and bid price on the upper left corner of the price chart.
The “x distance” and “y distance” fields allows users to adjust how far from the corner of the chart the ask and bid price would be displayed, both on the x and y-axis.
The Display Ask Bid Price Indicator displays the ask price on the left and the bid price on the right.
Traders can use this information to identify the exact price they will be entering the market at. Entering a buy trade would mean that the Ask Price would be used, while entering a sell trade would mean that the Bid Price would be used.
Inversely, closing a trade would trigger the opposite price quote. The broker would use the Bid Price whenever a buy trade is closed and the Ask Price whenever a sell trade is closed. This is because closing a trade is simply a trade in the opposite direction to cover for the open position.
Traders should take note of the spread between the Ask Price and Bid Price in order to account for the trading cost coming from the spread. This is computed by subtracting the Ask Price from the Bid Price and multiplying the difference by two to account for the opening and the closing of the trade.
This indicator may not seem much at first glance but it can be very helpful when used as a basis for identifying the trading cost coming from the spread. However, it also does take some time if users still have to compute for the difference between the two price quotes. There are other versions of this indicator that displays the spread along with the ask and bid price.
MT4 Indicators – Download Instructions
Display Ask Bid Indicator for MT4 is a Metatrader 4 (MT4) indicator and the essence of this technical indicator is to transform the accumulated history data.
Display Ask Bid Indicator for MT4 provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly. Click here for MT4 Strategies
Recommended Forex Metatrader 4 Trading Platform
- Free $50 To Start Trading Instantly
- Deposit Bonus up to $5,000
- Unlimited Loyalty Program
- Awards Winning Trading Broker
How to install Display Ask Bid Indicator for MT4.mq4?
- Download Display Ask Bid Indicator for MT4.mq4
- Copy Display Ask Bid Indicator for MT4.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 4 Client
- Select Chart and Timeframe where you want to test your MT4 indicators
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 4 Client
- Right click on Display Ask Bid Indicator for MT4.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Display Ask Bid Indicator for MT4.mq4 is available on your Chart
How to remove Display Ask Bid Indicator for MT4.mq4 from your Metatrader Chart?
- Select the Chart where is the Indicator running in your Metatrader 4 Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Display Ask Bid Indicator for MT4 (Free Download)
Click here below to download: