This is ZoneTrade Indicator with Heiken Ashi twist. Heiken Ashi ZoneTrade Indicator for MT4 combines Bill Williams “trading in the zone” and Heiken Ashi indicators and out you get interesting info you can use.
ZoneTrade Indicator will define good sell, buy and neutral zones and with Heiken Ashi it will be smoothed out and you will get a nice Candles created by Heiken Ashi ZoneTrade Indicator.
If you use candlestick bars you can change them to Bar Charts which will create you a good Heiken Ashi charts together with ZoneTrade info.
There are three zones Blue zone (Buy), Red zone (Sell) and Grey zone (neutral). When we are in Blue zone and Red zone we can trade more aggressively.
When you trade aggressively you usually add to your positions. But you need to know when to stop as well. It is unusually to have more then six to eight bars of same color. Bill Williams suggests that you stop adding to your positions after fifth bar of same color.
If you want to use only ZoneTrade Indicator without Heiken Ashi then try out this indicator.
This are the available settings for Heiken Ashi ZoneTrade Indicator:
- BlueZone: BUY zone color
- RedZone: SELL zone color
- GreyZone: NEUTRAL zone color
- BodyWidth: set Width of candle
- ShadowWidth: set Width of candle wick
How to install Heiken Ashi ZoneTrade Indicator in MetaTrader 4 / MT4:
- 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)
- Restart your MetaTrader 4 application (assuming it’s currently open) … or Launch your MetaTrader 4 application
- On the left hand side, look for the “Navigator” window and under the “Common” tab, look into the “Custom Indicators” section
- Locate the indicator which you have just downloaded into the folder stated in Step 1
- Drag (Click and drag) the indicator onto the chart
- Choose your settings and click OK.
- TADA and your done!