The Heiken Ashi Bollinger Bands Smoothed Forex indicator for Metatrader 4 combines Bollinger Bands and Heiken Ashi candlesticks.
The indicator can be used for both buy/sell trade entry signals and take profit targets.
The blue and red colored Heiken Ashi candlesticks provide the acutal buy and sell trade entry/exit signals.
After you downloaded and installed the indicator on the MT4 trading platform, it should look like the image as shown below.
- Good any time frame
- Works for scalping, day trading, swing trading
- Does not repaint
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system.
Indicator Example Chart
The GBP/JPY 5-minute chart below shows the Heiken Ashi Bollinger Bands Smoothed indicator in action.
Basic Trading Signals
- Open a buy trade when the Heiken candlesticks turn back to blue color and the candlestick is positioned above the middle Bollinger band.
- Place stop loss below support.
- Exit the buy trade for a predetermined profit target or wait for an opposite red colored Heiken Ashi candlestick to appear on the chart.
- Open a sell trade when the Heiken candlesticks turn back to red color and the candlestick is positioned below the middle Bollinger band.
- Place stop loss above resistance.
- Exit the sell trade for a predetermined profit target or wait for an opposite blue colored Heiken Ashi candlestick to appear on the chart.
Download This Forex Indicator
Adjustable Parameters & Settings
MA 1 method, period, MA 2 method, Bollinger bands period, shift, Bollinger bands MA type, colors, style
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: any
Indicator Type: Bollinger bands + Heiken Ashi
How to install the Heiken Ashi Bollinger Bands Smoothed indicator in Metatrader 4?
- Copy and paste the heiken-ashi-bollinger-bands-smoothed-indicator.ex4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
How to remove the indicator from the chart?
- Right click in the chart
- Select indicators list
- Click on the indicator’s name
- Click on the delete button