In this post I will review the Broker Spread Monitoring EA which is a forex tool used to monitor broker spreads in the MetaTrader 4 (MT4) trading platform. The spreads of your forex broker can affect your trading along with other factors such as slippage and commission.
The spread is basically the difference between the bid and ask price that you have to pay when you enter / exit a trade in the forex market through a forex broker who provides you with the platform to trade through.
This is one way in which they make money to keep business going and some brokers will even mark-up the spreads they get from the liquidity providers (LP’s) in order to make more profit from your trading which can cost you more.
The Broker Spread Monitoring EA will track brokers spreads for you to check and compare to make sure that you are getting suitable forex spreads for your strategy.
I would personally use an ECN forex broker for the best spreads and trading conditions overall as I find they tend to have the most liquidity providers and do not mark up forex spreads as much as a market maker broker could. Please see my ECN forex broker review for more information on this subject.
Broker Spread Monitoring EA Features
The Broker Spread Monitoring EA does what it says on the box! It will monitor the spreads on the forex broker and currency pair that you run it on.
Broker Spread Monitoring EA displays the overall spread distribution so you can see the different spread values, it will also display the current spread, maximum spread, minimum spread and average spread.
I think the Broker Spread Monitoring EA could be improved by monitoring multiple currency pairs at once from one chart, giving signal alerts when spread reaches a certain value, record spreads into a data file an it would be fantastic if it could provide spreads from multiple brokers in one MT4 platform.
Broker Spread Monitoring EA Summary
Overall, the Broker Spread Monitoring EA can be a useful forex tool that can save you trading costs and help to ensure that you are using a forex broker who is not widening spreads too much and too often.
You can tell from the developers write up on the webpage they know how important low spreads are and they point out many factors that I have personally noticed by forex brokers manipulating the spreads. If you are looking for a forex broker, you may want to take a look at my best forex brokers page.
The Broker Spread Monitoring EA comes with full support, instructions and a money back guarantee.