The Wide/Narrow Spread indicator is a handy tool that showcases the largest and smallest price movements over your chosen timeframe, displayed as colored candles. This feature can give you valuable insights into market volatility and help you make informed trading decisions.
Here’s a quick rundown of the three adjustable settings you can tweak:
- Range - This is where you set the search range for the indicator.
- Show wide spread bar - Toggle this option to display the largest price movement (Yes/No).
- Show narrow spread bar - Toggle this to show the smallest price movement (Yes/No).
How It Works:
- If Max = HL,
WS = Max/Point and the candle color will be blue.
- If Min = HL,
NS = Min/Point and the candle color will be red.
Where:
HL = High - Low
Max, Min refer to the maximum and minimum HL within the specified Range.
Using the Wide/Narrow Spread indicator can enhance your trading strategy by providing a visual representation of market dynamics. Give it a try and see how it fits into your trading plan!
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