Doteki Heikin Ashi for MT5

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.

The source code for this indicator is freely available ...

Code Base

Dōteki Heikin Ashi (Dynamic Average Foot/Bar)

Fernando Carreiro, 2018.10.15 17:33

A dynamic version of the standard Heikin Ashi indicator (code compatible with both MQL4 or MQL5).