BidAskChannel - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
Spread values are important when dealing with smaller timeframes. For example, to set a buy stop based on a chart, you need to visually estimate the bid-ask spread.
The indicator draws the upper shadow of the candle so that the ask price can be seen on the chart (i.e. high price = ask price). Now the distribution is clearly visible!
Figure 1 BidAskChannel indicator
The indicator was first implemented in MQL4 and published in the code base: mql4.com June 14, 2011.
Attachment download
📎 bidaskchannel.mq5 (4.85 KB)
Source: MQL5 #1034
BidAskChannel - MetaTrader 5 script | Forex indicator download - MT4/MT5 resource usage and screening suggestions
BidAskChannel - MetaTrader 5 Script | Foreign Exchange Indicator Download - MT4/MT5 resources are foreign exchange indicator related resources. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Pay special attention to spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based on titles or short-term profit descriptions.
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