WRBHG with visual gap block
Credit to AkifTokuz
I would like to give the credit to AkifTokuz, I built this indicator based on AkifTokuz's WRBHD indicator code.
What is added?
I have added the visual block to show the hidden gap (HG). The visual dovetailed the full range of the hidden gap. The size of the block give you a good idea on the strength of the hidden gap, namely a bigger block, a stronger support/resisdence encoutnered. I have also added the direction color code to the indicator, Green block is bull hidden gap and red block is bear hidden gap.
How to use the indicator?
Refer to the chart.
After a hidden gap appear, it has to be tested before placing a trade. Say if a green block appear, the price action tell some bullish traders want to move up the price by creating the price up thrust, however whether those traders are strong enought to continue or whether the market would agree that movement, it has to be tested.
The Test - if the hidden gap can withhold the retracement without being broken, it passed the test and order can be placed accordingly.
Hopes you find this indicator useful and my help you to develop a good winning strategy.
I would like to give the credit to AkifTokuz, I built this indicator based on AkifTokuz's WRBHD indicator code.
What is added?
I have added the visual block to show the hidden gap (HG). The visual dovetailed the full range of the hidden gap. The size of the block give you a good idea on the strength of the hidden gap, namely a bigger block, a stronger support/resisdence encoutnered. I have also added the direction color code to the indicator, Green block is bull hidden gap and red block is bear hidden gap.
How to use the indicator?
Refer to the chart.
After a hidden gap appear, it has to be tested before placing a trade. Say if a green block appear, the price action tell some bullish traders want to move up the price by creating the price up thrust, however whether those traders are strong enought to continue or whether the market would agree that movement, it has to be tested.
The Test - if the hidden gap can withhold the retracement without being broken, it passed the test and order can be placed accordingly.
Hopes you find this indicator useful and my help you to develop a good winning strategy.
Versionshinweise:
Update:-
1. I have enhanced the tutorial in how to use the WRB in day trade.
2. Sloved the max_boxes_count limit of 500. This limitation did not allow you to see how the WRB was working in the older trade days in the previous version, as it can only show 500 boxes in Tradingview. I have added a date input session in the indicator, when use it to review the older trade days, you can set the date session to cover that period and the green/red block will show. The update allows you to review in the historical data and you can study its relaibility more effectively.
Hopes you enjoy this indicator! If you like, please give me a like.
1. I have enhanced the tutorial in how to use the WRB in day trade.
2. Sloved the max_boxes_count limit of 500. This limitation did not allow you to see how the WRB was working in the older trade days in the previous version, as it can only show 500 boxes in Tradingview. I have added a date input session in the indicator, when use it to review the older trade days, you can set the date session to cover that period and the green/red block will show. The update allows you to review in the historical data and you can study its relaibility more effectively.
Hopes you enjoy this indicator! If you like, please give me a like.