The Heiken Ashi candle indicator for Metatrader 5 is a valuable tool for determining trend direction and minimizing false trading signals through its smoothing technique.
The indicator appears as a series of blue and red colored candles in the price chart.
The Heiken Ashi candle indicator operates using the following trade logic:
- Blue colored Heiken Ashi candles indicate bullish pressure.
- Red colored Heiken Ashi candles suggest bearish pressure.
To achieve optimal results, it is highly recommended to use the Heiken Ashi candle indicator in conjunction with longer-term currency trends.
This technical indicator can be applied to various financial instruments such as currency pairs, indices, metals, stocks, etc., within the Metatrader 5 platform.
The following indicator inputs and parameters can be modified: candle up color, candles down color.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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heiken_ashi.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Heiken Ashi candle indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Heiken Ashi Candle Indicator?
Find a simple trading example below:
Buy Signal
- Buy market condition: the overall market direction should be upwards.
- A bullish signal is given when the blue colored Heiken Ashi candle gets printed on the chart.
- Execute a buy market order and place a stop loss below the most recent swing low support.
- Close the buy position for a reward/risk ratio of at least 1.5, or wait for the first red colored Heiken Ashi candle.
Sell Signal
- Sell market condition: the overall market direction should be downwards.
- A bearish signal is given when the red colored Heiken Ashi candle gets printed on the chart.
- Execute a sell market order and place a stop loss above the most recent swing high resistance.
- Close the sell position for a reward/risk ratio of at least 1.5, or wait for the first blue colored Heiken Ashi candle.
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heiken_ashi.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the heiken_ashi.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration
