The Heiken Ashi (HMA) histogram signals indicator for MT4 provides easy to read forex signals based on the popular Heiken Ashi.
This histogram is colored either green or red.
- A green Heiken Ashi histogram represents a buy signal.
- A red Heiken Ashi histogram represents a sell signal.
The indicator works for scalping, day trading and swing trading purposes.
When used as a stand-alone forex indicator, it’s recommended to change the “HMA period to use” to values above 50.
This will reduce the number of false signals significantly.
You can combine the indicator with an oscillator to pinpoint entry signals more fast.
Make sure to take signals from the oscillator in the direction of the underlying Heiken Ashi histogram trend.
Feel free to experiment with the different indicator’s inputs settings to suit your needs and preferences.
The GBP/USD H1 chart below displays the Heiken Ashi Histogram Signals Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the Heiken Ashi Histogram Signals MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade when the Heiken Ashi histogram changes its color from red to green (bullish trend).
Place a stop loss below short-term support or use your own preferred SL method.
Sell Signal: Open a sell trade when the Heiken Ashi histogram changes its color from green to red (bearish trend).
Place a stop loss above short-term resistance or use your own preferred SL method.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (time frame to use, HMA period to use, price to use, HMA average type, HMA speed, alerts) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Type: RSI signals
Copy and paste the HMA Histo 1.01 (mtf + alerts + lines).mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)