This indicator will average the bid / ask spread over the last N ticks.
The purpose is to be able to monitor the behavior of the currency pair during fast markets, such as occur before and during news announcements.
It's useful for indicating times of increased danger, and can be used as a possible flag to square positions.
The parameters are:
- MA: the number of ticks to average the bid/ask spread over. The default is set to 30 ticks
- showTickCount: a boolean flag, which when set to true will also display the tickCount. Useful for debugging
- BidAskThreshold: should be set to a threshold which indicates increased market activity. A good level is four times the usual average.
- xOffset / yOffset: places the indicator display in various positions on the Chart Window
- normalText: a text color which is used when the average bid ask is below the threshold
- alertText: a text color which is used when the average bid ask is above the threshold and increased market activity is registered
The MT4 indicator was coded in build 950 of MT4.
|Create Date||January 26, 2016|
|Last Updated||December 3, 2016|