Ask Price Indicator
MT4Ask Price Indicator For MT4 plots the ask line and calculates the relative ask price.
Description
The Ask price indicator for MT4 plots the current ask price on the price chart. Additionally, it calculates the maximum relative ask price of the past N candles. As a result, it helps forex traders to visually understand the market situation. Furthermore, it displays the maximum spread of the trading instrument since the application of the indicator.
The indicator is best suitable for forex scalpers, since scalpers can easily visualize the current ask price relative to the ask price of the past N candles. New and advanced forex traders can use the indicator with ease as it does not contain any complex arithmetic calculations.
Ask Price Indicator For MT4 Application Setup
The above GBPUSD H1 candlestick price chart shows the Ask price indicator for MT4 in action. The indicator plots the current ask price in Red and maximum ask price as yellow line.
To identify the maximum spread of the currency pair, traders should hover the mouse over the line. Traders should note that the maximum spread mentioned is calculated from the moment the indicator is placed on the price chart.
Furthermore, the indicator calculates the maximum relative price using the past 4 candle as default N=4. If forex traders require a bigger sample for relative price calculation they can increase the period accordingly. However, a value lower than 4 periods may not reflect the best relative price.
Conclusion
The Ask price indicator for MT4 helps particularly forex scalpers. However, it is useful for technical traders to identify the best entry price.
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