Indicator Bid Ask Channel draws on the chart small bars above the maximum price of the bar (candle), the height of this column is equal to the value of the current spread on the currency pair. This is necessary in order to be more convenient to place pending orders Buy Stop or stop-loss when placing orders Sell Stop.
Indicator Bid Ask Channel
The chart of each currency instrument is most often drawn at Bid prices (sale), and the Ask price (buy) is always higher and does not appear in the chart history, so this indicator is necessary for those who are critical of every minimum price change.
In a greater degree, this indicator was written for those traders who trade on the charts of a small period, or in any way use small-scale charts in their trading system.
Parameters for this indicator is almost none, there is only one parameter that allows you to change the type and thickness of the column, in order to make it easier to see against the background of this chart.
Of course, this indicator is not something new or some kind of innovation, it’s just done to make life easier for some traders who need such an indicator, and of course scalpers for which a small time period is almost the only source of earnings and who simply can there is not enough time to constantly calculate the level of this or that order.
In addition, five-digit quotes are getting more popular lately, simply because they have a very small spread compared to the four-digit spread, which in turn is critical for scalpers or for those who just open and close transactions often. But the problem is that this small spread usually turns out to be “floating”, i.e., it can change its size in real time, most often such changes occur during the release of any important news, or in the event of emergencies in the world, which directly or indirectly can affect the economy of a particular state, including its national currency. It is in such situations on the market that this indicator will be especially useful for many traders, including day traders, too.
In trade, this indicator is used only as an auxiliary, in this case it helps not to make a lot of unnecessary calculations and, in the end, save a lot of time in order to be enough for more important tasks for trading.