Heikin Ashi Lines
Heikin Ashi Lines MT5 indicator for multiple cycles. The indicator helps to identify potential trading opportunities in different time frames.
Probably everyone has put up a Heikin Ashi chart one time or another. It makes it look so much cleaner with less noise and clearer trends.
But there is one major flaw — it hides the true bar/candle values, especially the true closing prices.
The Heikin Ashi close price is simply an applied price called the “total price”, and the Heikin Ashi open is simply a moving average of its close prices.
So, why not just display it as two lines instead?
This is what this indicator does. That way, you can still see the true bar/candle values. The dotted line is the open and the solid is the close.
Please note that by default it will use Gray/Gey as the line colour, which is dull. So use the colour that best suits you, for example Yellow on a black background or Blue on a white background.
The code uses conditional compilation and will compile on both MQL4 and MQL5. Please note that all my CodeBase publications’ source code are now also available in “Public Projects” tab of MetaEditor under the name “FMIC”.
How to install Heikin Ashi Lines Indicator in MetaTrader 5 Forex Trading Platform?
- Extract the downloaded Heikin Ashi Lines Indicator.zip file.
- In the MetaTrader 5 trading platform, go to the “File” menu and click “Open Data Folder”.
- Navigate to the MQL5 folder and open the Indicators folder.
- Paste the Heikin Ashi Lines Indicator.ex5 file(s) into the Indicators folder.
- Restart the MetaTrader 5 platform.
