The Dōteki Heikin Ashi (Dynamic Average Foot/Bar) Metatrader 5 forex indicator allows traders alter its period to whatever value one wishes to use.
This version of the Heikin Ashi has the option of using an almost Zero-Lag EMA, which is equipped to spot changes in trend more quickly, particularly when on longer periods of averaging.
The Dōteki Heikin Ashi Metatrader 5 forex indicator offers the option of automatically switching the chart into line graph and optionally hiding the real close prices from the line graph.
Although, in its absence, one is unable to view the cross-over signals between the real close price and the Heikin Ashi open values.
- A lime green Dōteki Heikin Ashi represents a bullish candlestick
- A fire brick Dōteki Heikin Ashi represents a bearish candlestick
The indicator can be used for scalping, day trading and swing trading purposes.
The USD/JPY H1 chart below displays the Dōteki Heikin Ashi Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the Dōteki Heikin Ashi Metatrader 5 forex indicator paints the candlesticks lime green.
Sell Signal: Go short when the Dōteki Heikin Ashi Metatrader 5 forex indicator paints the candlesticks fire brick.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the MT5 indicator displays a fire brick candlestick.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the MT5 indicator displays a lime green candlestick.
Tips: Deploy the Dōteki Heikin Ashi forex indicator together with other technical indicators. For instance, use together with MACD, Slow Stochastic oscillator, RSI,..
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable [Averaging Period for Heikin Ashi (Original = 3.0), Use a Zero-Lag Exponential Averaging, Set Chart Mode to Line Graph, Hide Close Line in Line Graph mode], Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the Doteki Heikin Ashi.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)