Bid Ask Spread PERCENTAGE

[MartenDavis]

I have been looking for a while for a percentage output of the Buy/Sell relationship. I have had no success finding such. I think that such an indicator would be very useful.

Anyone know of such an indicator?

Thanking all in advance....

Marten

 

[MartenDavis]

I finally found the very simple percentage spreadlabel that I have been looking for. I customized it to show below 1.5% gain is green and above is red. This covers all prices and is VERY HELPFULL to keep from getting a huge spread that stifles gains.

def bid = close(priceType = "Bid");
def ask = close(priceType = "Ask");

def spread = ((ask - bid) / bid) * 100;

AddLabel(yes, AsText (spread, NumberFormat.TWO_DECIMAL_PLACES) + " Spread %", if spread <= 1.5 then Color.GREEN else Color.RED);