iHeikenAshiSm – Trend indicator for MetaTrader 5
Description of the indicator
Heikin Ashi is a type of trading chart that originated in Japan (“heikin ashi” translation being “average bar”). Heikin Ashi bars are similar to candlesticks and standard bar in that they show similar information (the open, high, low, and close of the time frame) and Heikin Ashi charts are used in trading in the same way as standard candlestick or bar charts, meaning that indicators, moving averages and chart patterns are applied to forecast price movements.
However, Heikin Ashi charts have an additional aspect, the color of the Heikin Ashi bar or candle, which is supposed to indicate the overall direction of the market, ignoring at the same time the minor changes of the price direction and then avoiding false changes of the trend.
This indicator works even better in combination with another indicator, in an effort to reduce the “fake-outs” and to stick to the prevailing trend just looking at the color of the bars.
Variant – bars (candles): Heiken Ashi bars or standard price bars (candles);
Type – drawing type: bars or candles;
MAPeriod – МА period;
MAMethod – МА method;
SmPeriod – smoothing period;
SmMethod – smoothing method.
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FREE iHeikenAshiSm indicator
How to install custom indicators in Metatrader 5
Download the MQ5/EX5 file into your C:\Program Files\MetaTrader 5\MQL5\Indicators folder
If you download the zip file, unzip it and locate the MQ5 file in C:\Program Files\MetaTrader 5\MQL5\Indicators
Double-click on the file, the Mq5 editor will open and hit “Compile”
Restart your MetaTrader 5 application
On the left hand side, look for the “Navigator” window and under the “Indicators” tab you should find the Indicators
Drag (Click and drag) the indicator onto the chart
Choose your settings and click OK
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