Heiken ashi offline charts

"Calculating the Modified Bars

Normal candlestick charts are composed of a series of open-high-low-close (OHLC) bars set apart by a time series. The Heikin-Ashi technique uses a modified formula:

 xClose = (Open+High+Low+Close)/4 o Average price of the current bar

 xOpen = [xOpen(Previous Bar) + Close(Previous Bar)]/2 o Midpoint of the previous bar

 xHigh = Max(High, xOpen, xClose) o Highest value in the set

 xLow = Min(Low, xOpen, xClose) o Lowest value in the set

Constructing the Chart

The Heikin-Ashi chart is constructed like a regular candlestick chart (except with the new values above). The time series is defined by the user--depending on the type of chart desired (daily, hourly, etc.). The down days are represented by filled bars, while the up days are represented by empty bars. Finally, all of the same candlestick patterns apply.

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