Dōteki Heikin Ashi (Dynamic Average Foot/Bar) - indicator for MetaTrader 4

Dōteki Heikin Ashi (Dynamic Average Foot/Bar) - indicator for MetaTrader 4

The standard Heikin Ashi candle representation has an open value that is equivalent to an Exponential Moving Average (EMA) of the Total Price, of which the alpha value of the EMA is fixed at 0.5 (equivalent to an EMA period of 3.0).

In this dynamic version, the period can be changed to whatever value one wishes to use, which also allows one to approximate multi-time-frame analysis, or use the low or high value as a sort of trailing stop-loss. The crossing of the real Close price over the Heikin Ashi open value can also be used as a signal for a change in trend direction.

Also, besides the standard EMA, this version also has the option of using an Almost Zero-Lag EMA instead, which can detect changes in trend direction more quickly, especially when using longer periods of averaging.

When attaching the indicator to the chart, you also have the option of automatically switching the Chart into the Line Graph Mode and optionally hiding the real Close prices from the Line Graph, however, without it, you will not be able to see the cross-over signals between the real Close prices and the Heikin Ashi open values.

Please, also note, that the code can be compiled for both MQL4 or MQL5 by simply changing the file extension (".mq4" or ".mq5"). Hopefully, if time permits, I will update this version with extra features in the future.


Sample Chart

Download Dōteki Heikin Ashi (Dynamic Average Foot/Bar) - indicator for MetaTrader 4

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