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Rules
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Specification
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The EA bot should be able to read the Heiken Ashi smoothed indicator and plot it as an overlay on the regular Heiken Ashi candlestick chart.
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Identify the trend: The Heikin Ashi chart is useful in identifying the trend as it smooths out the price action. Look for a series of bullish or bearish candles to determine the direction of the trend.
- Enter the trade: Once you have identified the trend, look for a pullback or a retracement in the trend. The entry point can be when the Heikin Ashi candlestick color changes back to the trend direction after the pullback.
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The EA bot should allow the user to set the values of the two moving averages used in the calculation of the smoothed Heiken Ashi indicator. The user should also be able to choose the type of moving average to use in the calculation (MA, EMA, SMA, WMA, HMA).
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The EA bot should allow the user to identify the colors of the candles, including up bullish candles (green), down bearish candles (red), unchanged neutral candles (blue), border (black), and wick (grey).
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The EA bot should be able to generate buy and sell signals based on the trend direction indicated by the smoothed Heiken Ashi indicator. The bot should recognize that the market is in an uptrend when the smoothed Heiken Ashi indicator is bullish or green, and in a downtrend when the smoothed Heiken Ashi indicator is bearish or red.
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The EA bot should be able to adjust stops to a few pips above or below the highs and lows of the Heiken Ashi smoothed indicator after the user is in the market with an open position. This should be done in order to capture market profits when the trend is strong.
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The EA bot should also support the use of other technical indicators such as oscillators to determine momentum in the price of a security, as using just one indicator will not provide the complete market perspective.
