WR B
Info
The WR B is a Indicator for MetaTrader 5 that the indicator determines and marks wrb (wide range bars or wide range bodies). Because WRBs are not useful themselves, 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 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use WR B
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
The indicator determines and marks WRB (Wide Range Bars or Wide Range Bodies).
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Price Channel Indicator - another powerful indicator for MetaTrader 5 traders.
The indicator determines and marks WRB (Wide Range Bars or Wide Range Bodies). Because WRBs are not useful themselves, the indicator also determines hidden gaps based on these bars. It shows filled and unfilled hidden gaps differently, so you can quickly get the current situation. You can also turn on notifications about price entering the unfilled gap area.
Also recommended: Multi-Timeframe Moving Average Indicator (v03) - similar indicator with strong performance on MetaTrader 5.
Input parameters:UseWholeBars
(by default = false) — if true, the indicator searches for Wide Range Bars instead of Wide Range Bodies.
WRB_LookBackBarCount
(by default = 3) — how many bars to compare to determine WRB. The higher this number, the rarer and more significant WRBs will be.
WRB_WingDingsSymbol
(by default = 115) — text symbol code to designate WRBs. By default, a small rhombus is used.
HGcolor1
(by default = clrDodgerBlue) — first (and default) hidden gap rectangles color.
HGcolor2
(by default = clrBlue) — second color for hidden gap rectangles.
HGstyle
(by default = STYLE_SOLID) — line style for drawing hidden gap rectangles.
StartCalculationFromBar
(by default = 100) — number of bars in chart history to analyze to mark WRBs and hidden gaps.
HollowBoxes
(by default = false) — if true, the hidden gap rectangles will be without filling.
DoAlerts
(by default = false) — true turns on notifications about price entering a hidden gap area.
You may also like: Multi-Timeframe Relative Strength Index (MTF RSI) Indicator for MT4/MT5 - excellent alternative for indicator users on MetaTrader 5.
⚠ 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.