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Spread Cost Calculator by Oanda

Pros:

This tool is used in the Forex market to calculate and compare different scenerios and how they impact spreads. You can easily input specific parameters that you would like to calculate and results are shown clearly at the bottom half of the page. The results section not only gives you the specific resulting numbers but also contains the specific calculations used to derive to the answer.

Cons:

The extra calculations might make reading the answers a little difficult. It is also a lot of information for those new to the forex market and will likely just confuse them.

Overview:

The Spread Cost Calculator can is free to use from the Oanda FXTrade website. It explains how tighter spreads affect the profit and loss of forex trades. The pre-written scenarios provide more insight than a lot of self written ones. The tool is located on the Oanda website here.

Check out this tool