When it comes to charting and technical analysis, TradingView is one of the most widely used platforms across the trading world. Its sleek interface and access to real-time price data make it a favorite. But beyond the indicators and drawing tools, TradingView also offers insights that can help traders track costs especially spreads.
With the right tools and setup, you can use TradingView to identify when you’re getting the best Forex spreads and when it’s better to sit on the sidelines.
Here’s how to turn TradingView into a spread-tracking companion.
Step 1: Understand how spread works on TradingView
TradingView doesn’t natively display the spread as a line on the chart. It shows the last traded price, and depending on your data feed and broker integration, it can also show both bid and ask prices. Spreads, in essence, are the space between those two prices.
To monitor the best Forex spreads, you’ll need to visualize that gap either through custom indicators or by watching both bid and ask values in real time.
Step 2: Use a broker-connected TradingView account
If you’re using TradingView through a broker integration such as OANDA, FOREX.com, or Pepperstone, you’ll get real-time bid and ask data. This lets you compare what you’re being quoted to industry averages. It’s your first step in determining if you’re getting the best Forex spreads from your broker.
Log in using your live or demo trading account, then open the “DOM” (Depth of Market) or Trading Panel. Here, you’ll be able to view execution prices and quote feeds directly.
Step 3: Install a custom spread indicator
To actually plot spread values on your chart, you’ll need to install a script from the public library or create your own.
In TradingView:
- Click the “Indicators” button
- Search “spread” in the public script library
- Choose a popular and well-rated script that calculates the difference between bid and ask
Some indicators plot the spread as a line at the bottom of your chart, while others show it numerically on screen. These indicators let you instantly spot when you’re receiving the best Forex spreads, especially during high liquidity periods.
Step 4: Combine spread tracking with session timing
Spreads are not static. Even with a tight spread broker, the values will shift depending on market session and volatility. By tracking spreads in conjunction with market hours, you can make better entry decisions.
Use TradingView’s “Session Separator” to identify:
- London open
- New York open
- Overlap periods where liquidity increases
- End-of-day spread widening
You’ll notice that the best Forex spreads usually appear during overlap sessions when market activity is highest. Outside of those hours, spreads can expand even if price isn’t moving much.
Step 5: Journal your spread behavior
Using TradingView’s replay or screenshot tools, you can log spread conditions during your trades. This helps you identify broker behavior during news events, weekends, and rollovers.
Pair this with notes in a trading journal to understand how your trade costs align with your strategy.
TradingView isn’t just for charting, it can be your silent partner in tracking trade costs. When you install the right tools and connect it to a broker that supports live spread data, you can actively monitor and identify when you’re getting the best Forex spreads available.
With just a few tweaks, your chart setup can move beyond signals and patterns and start helping you control the one thing that affects every trade is your cost of entry. And when that entry cost is optimized, your trades don’t just look good, they perform better too.
