WRB Hidden Gap MetaTrader forex indicator — detects and marks WRB. WRB is either a Wide Range Bar or Wide Range Body (a candlestick with a very long body). As WRBs do not offer much information by themselves, the indicator also detects Hidden Gaps based on the WRB indicator. It also shows filled and unfilled chart Hidden Gaps differently, so it is easier to see the current forex market situation at a glance. Optional alerts can signal when the current chart price enters an unfilled Hidden Gap. The forex indicator is available for both MT5 and MT4.
- UseWholeBars (main default = false) — if true, the forex indicator will search for Wide Range chart Bars instead of Wide Range Bodies.
- WRB_LookBackBarCount (main default = 3) — how many chart bars to use in WRB comparison. The higher the value, the rarer and wider the detected WRB.
- WRB_WingDingsSymbol (main default = 115) — a symbol used to mark WRB. A small diamond by default.
- HGcolor1 (main default = clrDodgerBlue) — the first color for Hidden Gap rectangles.
- HGcolor2 (main default = clrBlue) — the second color one for Hidden Gap rectangles.
- HGstyle (main default = STYLE_SOLID) — line style for the Hidden Gap rectangles.
- StartCalculationFromBar (main default = 100) — number of chart bars to look back to mark up the Wide Range of Bodies and Hidden Gaps.
- HollowBoxes (main default = false) — if true, the rectangles marking the Hidden chart Gaps will be empty; otherwise — they are filled.
- EnableNativeAlerts (main default = false) — if true, a native forex MetaTrader popup alert will be used when the chart price enters a Hidden Gap territory.
- EnableEmailAlerts (main default = false) — if true, an email message will be sent when the chart price enters a Hidden Gap territory. Should properly configure Email in MetaTrader via Tools->Options->Email.
- EnablePushAlerts (main default = false) — if true, an email message will be sent when the chart price enters a Hidden Gap territory. Notifications should be correctly configured in MetaTrader via Tools->Options->Notifications.
- ObjectPrefix (main default = “HG_”) — prefix for mt4 chart objects for compatibility with other forex indicators.
Example and forex strategy
The mt4 chart shows an example of forex Hidden Gap markup on the EUR/USD daily chart timeframe with main settings. The cyan diamonds are drawn inside WRB chart bars. Hidden Gaps are depicted using light blue color and blue rectangles. Unfilled Hidden chart Gaps are shown with rectangles spanning past the right edge of the mt4 chart. Hidden Gap rectangles change a given color when an unfilled Hidden Gap of another color currently exists and intersects with a new forex 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 chart Bars (UseWholeBars: true):
This forex indicator does not generate any entry trading signals. It offers information about chart price action to aid a trader with entry and exit indicator signals generated by some other forex strategy. WRB bars are nearly meaningless, but only WRB can show a Hidden forex Gap. A Hidden Gap, in its turn, can be treated as a sort of forex pivot or forex support/resistance zone. Hidden Gaps can also be treated as the usual price gaps (weekly, for example).
An entry signal (by some forex trading strategy) coinciding with the chart price entering a forex Hidden Gap rectangle can be confirmed. In contrast, the opposite edge of the rectangle can be used as a target level. If your strategy generates a forex trade outside the forex Hidden Gap territory, the latter can be used as take-profit or stop-loss.
WRB Hidden Gap Forex Indicator Free Download
Warning! If you do not know how to set up this indicator, please read the MetaTrader forex Indicators Tutorial.
Do you have any more suggestions regarding this indicator? You can always discuss the WRB Hidden Gap indicators with the other traders and programmers on the indicators forums.