How to use MT5/MT4
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The Heikin-Ashi Smoothed is an indicator that displays smoothed moving averages as Heikin-Ashi candles.
Compared to regular candlesticks, Heikin-Ashi uses the average of the open and close of the previous candle for its open, and the average of the open, high, low, and close of the current candle for its close, making it easier to understand the direction of the trend.
The Heikin-Ashi Smoothed further refines this by calculating the Heikin-Ashi using smoothed values of the price movements, reducing false signals and making it easier to grasp the trend direction.
Below is an image displaying the Heikin-Ashi Smoothed on a USD/JPY chart, where the price direction is immediately apparent.
【Example of Heikin-Ashi Smoothed on a USD/JPY chart】
Although the Heikin-Ashi Smoothed makes it easier to discern the direction of the trend, false signals can still occur in choppy markets.
While trend indicators inherently encounter false signals, this indicator includes a filter function that mitigates them. This filter displays the same value as the previous candle if the change in the four values calculated for the Heikin-Ashi does not exceed a specified range. If the change exceeds the set range, then it updates to show the new value, helping to avoid unnecessary fluctuations in sideways markets.
Note, however, that this can delay the response, making it unsuitable for capturing the very start of price movements.
【Example with a filter set at 0.3 on the daily USD/JPY chart】
※ This indicator only functions with the Windows versions of MT5 and MT4 from TitanFX.
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1.The indicators and related descriptions are based on various data believed to be reliable, but their accuracy and completeness are not guaranteed.
2.The data displayed by the indicators do not guarantee your investment results. Also, the displayed content may vary due to market conditions and communication environments.
3.Please make investment decisions using indicators at your own risk. We are not responsible for any disadvantages or damages arising from the use of indicators.
4.Specifications of the indicators are subject to change without notice. Changes will be announced on the indicator description pages, etc.
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| Variable Name | Description | Default |
|---|---|---|
| Period | Specifies the period for the moving average. | 14 |
| Moving average type | Choose from Simple Moving Average (SMA), Exponential Moving Average (EMA), Smoothed Moving Average (SMMA), or Linear Weighted Moving Average (LWMA). | SMA |
| Filter | If applying a filter, specify the range. | 0.0 |
| MT5 | MT4 | Description |
|---|---|---|
| HeikenAshi(Middle) | 0-3 | Color for bullish candles |
| HeikenAshi(Right) | 4-7 | Color for bearish candles |
| HeikenAshi(Left) | 8-11 | Color for doji candles |
