Heiken Ashi Indicator with MTF and Smoothed options for MT4

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With Heiken Ashi Indicator you can detect trends easy and spot buying/selling opportunities at a glance!

Heiken Ashi Candlesticks are offshoot from Japanese candlesticks. Heikin-Ashi Candles use the open/close values from the prior period and the open-high-low-close values from the current period to create a special Haiken Ashi Candle. The result is filtered candlestick out of some noise in an effort to better capture the trend. Heikin-Ashi represents the average-pace of prices. Heikin-Ashi Candles are not used like normal candlesticks. Multiple of buy or sell reversal patterns consisting of 1-3 candles are not found. But instead, these candlesticks can be used to identify trending periods, potential reversal points and classic technical analysis patterns.

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The Heikin-Ashi technique is really useful for making candlestick charts more readable, trends can be detected and found a lot more easily, and buying/selling opportunities can be spotted at a glance. When you use Heiken Ashi Indicators properly, this technique can help you spot trends and trend changes from which you can gain some pips!

We have prepared three most popular Heikin Ashi Indicator. Normal, Smoothed and MTF/Smoothed which are explained below:

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This are the available settings for Heikin Ashi Indicators which you can change:

Heiken Ashi Indicator Smoothed mtf:

  • TimeFrame: If you want any other time frame on your current time chart then set it here with this values: (note that you can only use higher timeframe then the current one)
    • Current chart timeframe: 0 (default)
    • 1 Minute: 1heiken ashi indicator smoothed mtf settings
    • 5 minutes: 5
    • 15 minutes: 15
    • 30 minutes: 30
    • 1 hour: 60
    • 4 hours: 240
    • 1 day: 1440
    • 1 Week: 10080
    • 1 Month: 43200
  • MaPeriod: It uses this number of BARs on your selected timeframe for calculation
  • MaMetod: Moving Average calculation metod it can be:
    • MODE_SMA: 0
    • MODE_EMA: 1
    • MODE_SMMA: 2
    • MODE_LWMA: 3 (default)
  • Step: How many bars back this indicator starts to look if 0 is specified it means current bar
  • BetterFormula: Uses “different” formula for Heiken-Ashi calculations if se to False default calculation is done

Heiken Ashi Indicator Smoothed:

  • MaMetod: Moving Average calculation metod it can be:
    • MODE_SMA: 0

      heiken ashi indicator smoothed settings

    • MODE_EMA: 1
    • MODE_SMMA: 2  (default)
    • MODE_LWMA: 3
  • MaPeriod: It uses this number of BARs on your selected timeframe for calculation of Heiken Ashi Indicator
  • MaMetod2: Moving Average calculation metod it can be:
    • MODE_SMA: 0
    • MODE_EMA: 1
    • MODE_SMMA: 2
    • MODE_LWMA: 3 (default)
  • MaPeriod2: It uses this number of BARs on your selected timeframe for calculation of Heiken Ashi Indicator

Heiken Ashi Indicator:

  • color1: Color of Bearish candlesheiken ashi indicator settings
  • color2: Color of Bullish candles
  • color3: Color of Bearish candles
  • color4: Color of Bullish candles

Heiken Ashi Smoothed MTF MT4

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Heiken_Ashi_Smoothed mtf.mq4 Download
Heiken_Ashi_Smoothed.mq4 Download
Heiken Ashi.mq4 Download

How to install Heiken Ashi indicator in MetaTrader 4 / MT4:

  1. Download/Copy/Save the MQ4/EX4 file into your C:\Program Files\MetaTrader 4\experts\indicators folder (or change the folder to your installation sometimes forex broker name)
  2. Restart your MetaTrader 4 application (assuming it’s currently open) … or Launch your MetaTrader 4 application
  3. On the left hand side, look for the “Navigator” window and under the “Common” tab, look into the “Custom Indicators” section
  4. Locate the indicator which you have just downloaded into the folder stated in Step 1
  5. Drag (Click and drag) the indicator onto the chart
  6. Choose your settings and click OK.
  7. TADA and your done!
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