NR4 and NR7 indicator MT4
- Indicators
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Mattia Impicciatore
Hello,
I’m Mattia — a fintech developer, trader, and expert in MQL5, Python, and web technologies. - Version: 1.0
Description:
NR4 & NR7 Inside Bar Highlighter for MetaTrader 4 is an indicator that automatically detects price compression patterns based on the combination of NR4 or NR7 with an Inside Bar.
How it works:
The NR4 (Narrow Range 4) pattern identifies the candle with the smallest range among the last 4 bars, while NR7 considers the last 7. When this narrow-range condition occurs alongside an Inside Bar (a candle completely contained within the previous one), it often signals a low-volatility phase that may precede a significant breakout. These patterns are widely used in breakout trading strategies.
Highlighted signals:
The indicator marks the relevant candles on the chart with configurable colors:
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NR4 + Inside Bar: white
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NR7 + Inside Bar: orange
Each signal is also labeled on the chart for easy visual identification.
Integration & Alerts:
The system is ready for integration with visual alerts, email, sounds, or custom trading logic in MetaTrader 4. It can also be hooked into push notification setups via compatible MT4 bridges/gateways.
Compatibility:
Works on all symbols and timeframes in MetaTrader 4. Lightweight and efficient, it’s designed to keep the terminal responsive during analysis.
Recommended use:
A core tool for traders focused on breakout setups and volatility expansion opportunities, especially during price compression phases that often precede strong moves.
MetaTrader 5 version: https://www.mql5.com/en/market/product/145549
