You can now download the WRB Hidden Gap indicator for free on AtoZ Markets indicators gallery.
WRB Hidden Gap MetaTrader indicator detects and marks WRB. WRB is either a Wide Range Bar (a very long bar) or Wide Range Body (a candlestick with very long body). As WRB by themselves do not offer much information, the indicator also detects Hidden Gaps based on the WRB. It also shows filled and unfilled Hidden Gaps differently, so that it is easier to see the current market situation at a single glance. Optional alerts can be used to get signals when the current price first enters an unfilled Hidden Gap. The indicator is available for 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.
How to trade with WRB Hidden Gap indicator
The chart shows an example of Hidden Gap markup on the EUR/USD hourly timeframe with default settings. The cyan diamonds are drawn inside WRB bars. Hidden Gaps are depicted using light blue and blue rectangles. Unfilled Hidden Gaps are shown with rectangles spanning past the right edge of the chart. Hidden Gap rectangles change color when an unfilled Hidden Gap of another color currently exists and intersects with a new Hidden Gap. The image shows only Wide Range Bodies (UseWholeBars = false). As you can see, there is not much difference when switching to Wide Range Bars (UseWholeBars = true):
This indicator does not generate any trading signals. It offers information about price action to aid a trader with entry and exit signals generated by some other strategy. WRB bars are nearly meaningless, but only WRB can show a Hidden Gap. A Hidden Gap, in its turn, can be treated as a sort of pivot or support/resistance zone. Hidden Gaps can also be treated as the usual price gaps (weekly, for example).
An entry signal (by some trading system) coinciding with the price entering a Hidden Gap rectangle can be considered confirmed, while the opposite edge of the rectangle can be used as a target level. If your system generates a trade outside the Hidden Gap territory, the latter can be used either as take-profit or as stop-loss.
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.