The Doteki Heikin Ashi indicator for Metatrader 5 is a complete Forex strategy that works with zero-lag Heiken ashi candlesticks.
For the easy of use, set the chart mode to line graph (indicator inputs).
The green and red colored candles form the trading strategy.
How to trade with the Doteki Heikin Ashi indicator?
- A green colored candle is a bullish signal.
- A red colored candle is a bearish signal.
This strategy should work equally well for any time frame and trade style of your preference.
The Heiken Ashi technical indicator can be applied to currency pairs, indices, metals, stocks, etc. in Metatrader 5.
The following indicator inputs and parameters can be modified: averaging period for Heiken Ashi, use a zero-lag exponential averaging, set chart mode to line graph, hide close line in line graph mode.
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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The following chart shows how the Doteki Heikin Ashi candle indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Doteki Heikin Ashi Strategy Indicator?
Find a simple trading example below:
- The first green colored Doteki Heiken Ashi candle represents a buy trade entry signal.
- Open a buy trade and place your stop loss below the most recent support level.
- Close the buy trade for a reward/risk ratio of at least 1.5, or wait for a sell signal.
- The first red colored Doteki Heiken Ashi candle represents a sell trade entry signal.
- Open a sell trade and place your stop loss above the most recent resistance level.
- Close the sell trade for a reward/risk ratio of at least 1.5, or wait for a buy signal.
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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 Doteki Heikin 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