WRB Hidden Gap MetaTrader indicator | FREE Forex Trading Indicator
WRB Hidden Gap MetaTrader indicator detects and marks WRB. WRB is an abbreviation for Wide Range Bar (a very long bar) or Wide Range Body (a candlestick with very long body). Because WRB alone do not provide much information, the indicator also detects Hidden Gaps based on the WRB. It also distinguishes between filled and unfilled Hidden Gaps, making it easier to see the current market situation at a glance. Optional alerts can be used to receive signals when the current price enters an unfilled Hidden Gap for the first time. The indicator is compatible with both MT4 and MT5.
- UseWholeBars (default = false) — if true, the indicator will search for Wide Range Bars instead of Wide Range Bodies.
- WRB_LookBackBarCount (default = 3) — how many bars to use in WRB comparison. The bigger the value the rarer and wider detected WRB.
- WRB_WingDingsSymbol (default = 115) — a symbol used to mark WRB. A small diamond by default.
- HGcolor1 (default = clrDodgerBlue) — the first (default) color for Hidden Gap rectangles.
- HGcolor2 (default = clrBlue) — the second color for Hidden Gap rectangles.
- HGstyle (default = STYLE_SOLID) — line style for the Hidden Gap rectangles.
- StartCalculationFromBar (default = 100) — number of bars to look back to mark up the Wide Range Bodies and Hidden Gaps.
- HollowBoxes (default = false) — if true, the rectangles marking the Hidden Gaps will be empty, otherwise — filled.
- DoAlerts (default = false) — if true, alerts will be enabled when price enters a Hidden Gap territory.
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The chart depicts a Hidden Gap markup example on the EUR/USD daily timeframe using the default settings. Inside the WRB bars, cyan diamonds are drawn. Light blue and blue rectangles are used to represent Hidden Gaps. Unfilled Hidden Gaps are represented by rectangles that extend past the chart’s right edge. When an unfilled Hidden Gap of another colour intersects with a new Hidden Gap, the colour of the Hidden Gap rectangle changes. Only Wide Range Bodies are shown in the image (UseWholeBars = false). As you can see, switching to Wide Range Bars (UseWholeBars = true) makes little difference:
This indicator generates no trading signals. It provides price action information to help a trader with entry and exit signals generated by another strategy. WRB bars are nearly meaningless, but they are the only ones that can show a Hidden Gap. A Hidden Gap, on the other hand, can be viewed as a pivot or support/resistance zone. Hidden Gaps can be treated in the same way that price gaps are (weekly, for example).
An entry signal (generated by some trading system) that coincides with the price entering a Hidden Gap rectangle can be considered confirmed, and the opposite edge of the rectangle can be used as a target level. If your system generates a trade that is outside of the Hidden Gap territory, the latter can be used as a take-profit or a stop-loss.
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