WRB Hidden Gap MetaTrader indicator detects WRB and marks it. WRB can be either a Wide Range Bar (a very large bar) or a Wide Range Body (a candlestick that has a very long body). WRB alone do not provide much information so the indicator uses WRB to detect Hidden Gaps. The indicator also displays filled and unfilled Hidden Gaps in a different way, making it easier to view the market situation at a glance. Optional alerts are available to receive signals when the current price enters an empty Hidden Gap. This indicator is available both for MT4 as well as MT5.
Input parameters
- UseWholeBars -- If true is set, the indicator will search Wide Range Bars and not Wide Range Bodies.
- WRB_LookBackBarCount - How many bars should you use for WRB comparison. The rarer and more widely detected WRB is, the higher the value.
- WRB_WingDingsSymbol -- A symbol that marks WRB. A small diamond default.
- HGcolor1 -- The first (default) color used for Hidden Gap rectangles
- HGcolor2 -- The second color for Hidden Gap rectangles.
- HGstyle -- Line style for 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 is set, the Hidden Gaps rectangles will be empty. Otherwise, they will be filled.
- DoAlerts -- If true is set, alerts will be activated when the price crosses a Hidden Gap territory.
How to trade with WRB Hidden Gap indicator
This chart shows Hidden Gap markup for EUR/USD hourly with default settings. The WRB bars are used to draw the cyan diamonds. Hidden Gaps can be depicted with light blue or blue rectangles. Hidden Gaps that are not filled are represented with rectangles that extend beyond the chart's right edge. Hidden Gap rectangles are colored differently when a Hidden Gap that is not filled with another color exists. This image only shows Wide Range Bodies (Use Whole Bar= false). You can see that there is no difference in switching to Wide Range Bars ( Use Whole Bar= True ):
This indicator doesn't generate trading signals. This indicator provides information about price action that can be used to assist traders with exit and entry signals from other strategies. WRB bars can be meaningless. However, WRB can only show Hidden Gaps. Hidden Gaps can be viewed as support/resistance zones or pivots. Hidden Gaps could also be considered the weekly price gaps.
A trading system that generates an entry signal when the price enters a Hidden Gap rectangle coincides with it can be considered confirmed. The opposite edge of the rectangle can also be used to set a target level. Your system can generate a trade that is outside of the Hidden Gap territory. This trade can be used as a take-profit or stop-loss.
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How to download and install an indicator
In order to install the indicator on your MT4 or MT5 platform, you need to follow these steps:
- Click on the “Download Indicator” button located at the bottom of the screen.
- Save the file to your computer.
- Extract and move the files into the MT5>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select the "WRB Hidden Gap" indicator template to apply it on the chart.
Note: This indicator was developed by a third party. AtoZ Markets does not carry any copyrights over this trading tool.
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