NR7 and NR7IB
This indicator shows the narrowest bar within the past seven bars, which is known as NR7 in the literature.
It will also show the NR4 bar.
The range is variable; thus, you can show any two ranges, e.g. NR7/NR4, NR11/NR6, etc. For the description of this indicator, I will continue to use the default of seven (7) and four (4).
If an NR7 bar also happens to be an Inside Bar, it gives a stronger signal. Thus NR7IB are denoted in another color. Sometimes this is known as NR7ID (for Inside Day). I kept the description generic because you can use this indicator on any time frame.
As a bonus, I have added the ability to show the:
- Highest bar (HI7)
- Lowest bar (LO7)
- Widest bar (WI7)
within the range N.
By changing the range size N you can show other values, e.g. HI3, LO3, WI3.
This indicator shows on the main chart window, not a sub-window.
Mac & Linux
Do not download this product if you have a Mac.
Wine doesn’t support the Market tab. Do not download this product if you do not have a Markets tab in MT5.
Basically, it’s a lookback loop that goes through the past N bars to determine which bar is the narrowest.
- Works on all chart periods.
- Can show Highest (HI7), Lowest (LO7), Widest (WI7) bars.
- Can use any valid integer lookback range.
- Will show values in Data Window
- Longer range width (lookback) in bars – This is the 7 of NR7. You can change the range to any logical integer value.
- Shorter range width (lookback) in bars – This is the 4 of NR4. You can change the range to any logical integer value.
- Symbol char code – This is the integer character code from the Wingdings characters. See the MQL5 “Object Constants” for specifics.
- Show highest/lowest of range – Boolean that shows/hides the Highest (HI7) and Lowest (LO7) bars.
- Show widest of range – Boolean that shows/hides the Widest (WI7) bars.