HomeForex MT4 IndicatorsDisplay Ask Bid Indicator for MT4

Display Ask Bid Indicator for MT4

Introduction to the Display Ask Bid Indicator

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.

Display Ask Bid Indicator for MT4

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.

How the Display Ask Bid Indicator Works

The Display Ask Bid Price Indicator displays the ask price on the left and the bid price on the right.

How to use the Display Ask Bid Indicator for MT4

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.

Conclusion

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.

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Display Ask Bid Indicator for MT4

Tim Morris
Tim Morrishttps://www.forexmt4indicators.com/
Tim Morris is a work from home dad, home-based forex trader, writer and blogger by passion. He likes to research and share the latest forex trading strategies and forex indicators on ForexMT4Indicators.com. His passion is to let everyone to be able to learn and download different types of forex trading strategies and mt4/mt5 indicators at ForexMT4Indicators.com
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