Heiken Aski Tools
Heiken Aski bars were weird at first but I'm getting more comfortable with them. Dean Malone from
compassFX.com, the most experienced
trader I've ever watched trade, uses them in his Synergy software and I'm trying to learn his basic system.
But when using
HA bars, I especially
did not want to lose a clear picture of the actual price behavior which is usually obscured by
the Heiken Aski bars. So I made this simple indicator to put a line though the highs and another
line though the lows. It helps me see the two different bar systems
at once since the lines become a differnt type of visual object compared to the candlesticks. Of course
I lose the Open and Close unless you leave the Close prices displayed as a line that shows up.
Here's a small view with the Close line set to black and therefore invisible.
You can see several things on this small image (Click the image to see a large full chart).
Because HA uses averaged opens and close points, the body of the bars lags behind and can obscure the trailing wick
when the prices are in a strong trend.
The two magenta lines that pass through highs and lows create a band of real prices. This is a free indicator, so download it and try it out. I've grown fond of it, but your milage may vary.
I've also modified the common HA bars to be a bit less smoothed and changed their
color to red and Magenta and their width to
something wider than came in the original.
The indicators are free. Download by clicking
Download PriceChannelHighLow.zip Now...
Download HeikenAshi.zip Now...
Once downloaded. Open the zip file using Winzip or 7-zip and place both files
into your /experts/indicators/
directory, which is inside your Metatrader installation. Close and reopen Metatrader
in order for the "PriceChannelHighLow" indicator to
show up in the left side navigator window of Metatrader. Then drag that name onto any chart.