WRB and Hidden Gap Indicator for MT4/MT5
Info
The WRB and Hidden Gap Indicator for MT4/MT5 is a Indicator for MetaTrader 4 that wide range bar (wrb) and hidden gap indicatorthis indicator detects and marks wide range bars (wrbs) or candlesticks with wide range bodies. Since WRBs are not useful on their own, the indicator also determines hidden gaps based on these bars.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Indicators folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use WRB and Hidden Gap Indicator for MT4/MT5
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
Wide Range Bar (WRB) and Hidden Gap IndicatorThis indicator detects and marks Wide Range Bars (WRBs) or candlesticks with wide range bodies.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Indicator works on MetaTrader 4. Place the file in the MQL4/Indicators folder and restart the terminal.
Description & Settings
Related: Range Filter Buy and Sell Indicator for MT4 with Signal Statistics - another powerful indicator for MetaTrader 4 traders.
Wide Range Bar (WRB) and Hidden Gap IndicatorAlso recommended: Quantum Apex Color Indicator - similar indicator with strong performance on MetaTrader 4.
This indicator detects and marks Wide Range Bars (WRBs) or candlesticks with wide range bodies. Since WRBs are not useful on their own, the indicator also determines hidden gaps based on these bars. It visually distinguishes between filled and unfilled hidden gaps, allowing for a quick assessment of the current market situation. Optional notifications can be enabled when the price enters an unfilled gap area.
Input Parameters:
usewholebars
(Default: false) — If true, the indicator identifies Wide Range Bars (WRBs) based on the entire bar's range, not just the body.
wrb_lookbackbarcount
(Default: 3) — This parameter defines the number of bars to compare when identifying WRBs. A higher value will result in rarer but potentially more significant WRBs.
wrb_wingdingssymbol
(Default: 115) — Specifies the text symbol code used to mark WRBs. By default, a small rhombus is used.
hgcolor1
(Default: clrdodgerblue) — Sets the first color for drawing hidden gap rectangles.
hgcolor2
(Default: clrblue) — Sets the second color for hidden gap rectangles.
hgstyle
(Default: style_solid) — Determines the line style for drawing hidden gap rectangles.
startcalculationfrombar
(Default: 100) — This sets the number of bars in the chart history that the indicator will analyze to mark WRBs and hidden gaps.
hollowboxes
(Default: false) — If true, the hidden gap rectangles will be drawn without a solid fill.
doalerts
(Default: false) — Enables or disables alerts when the price enters a hidden gap area.
You may also like: Mistral Trend Candles Indicator - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.0"
#property strict
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property indicator_chart_window
#property indicator_buffers 1.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.