Description:
Wide Range Body/Bar (WRB) Hidden Gap indicator by M. A. Perry of TheStrategyLab.com (wrbtrader on Futures.io)
Note, WRB can stand for either "Wide Range Body" or "Wide Range Bar", but they are separate items:
* Wide Range Bar interval represents the price area between the High and Low...often called the range of the interval.
* Wide Range Body interval represents the price area between the Close and Open...often called the body of the interval.
Only a small percentage of WRB Hidden GAP intervals qualify as a WRB Zone.
Following the instructions in chapter 2 in the WRB Analysis Free Study Guide. -M.A. Perry
Parameters:
* Lookback: Number of bars to evaluate for wide-ness (default = 3, Range: 3 to 20 max)
* WRBType: Look for wide-ness based on: body range, bar range, or both body and bar range (default = Body)
* GapType: If a hidden gap is found, draw rectangle around: BarRange, BodyRange, or GapRange (Default = GapRange)
From Chapter 1 of the Tutorial:
WRB Analysis is an analysis of changes in volatility and supply/demand. Simply, WRB helps traders to understand and exploit changes in volatility as a way to identify key price areas where there has been an important change in supply/demand between buyers and sellers prior to the appearance of any trade signals. Thus, WRB Analysis is primarily designed to improve the understanding of the price action prior to the appearance of any trade signal and improve the performance of a trade signal strategy. In addition, WRB Analysis is not a trade signal and it must be embedded (merged) within a trade signal strategy if you want to improve the performance of your trade signal strategies.
Included sound files for alerts (place in NT sound folder):
HiddenGapUp.wav
HiddenGapDown.wav
Notes:
* Version 1.0 of this indicator is based off chapters 1-3. I don't have the advanced section of this tutorial and any additional items from there are not included.
References:
* WRB Analysis Tutorials, M. A. Perry, 2014, chapters 1-3 (free download at TheStrategyLab.com).
* There are also chapters 4-12 which are for sale at TheStrategyLab.com (advanced section of tutorial).
Category NinjaTrader 8 Indicators and More
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