The One Third Heiken Ashi Metatrader 5 forex indicator is a technical tool that plots colored buy and sell signal candles on the chart.
They are built to match with bullish and bearish price patterns, which are further displayed in the style of Heiken Ashi indicator.
The difference between High and Low candles is split into three parts.
Seemingly, the One Third MT5 forex indicator also determines the pattern by which a third of the candles opens and a how another third closes.
Based on the candlestick direction, the candlestick body is painted in teal or deep pink.
The EUR/USD H1 chart below displays the One Third Heiken Ashi Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the One Third Heiken Ashi forex indicator paints the candlestick teal.
Sell Signal: Go short when the One Third Heiken Ashi forex indicator paints the candlestick deep pink.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the trading indicator paints the candlestick deep pink.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the trading indicator paints the candlestick teal.
Tips: The One Third Heiken Ashi Metatrader 5 custom forex indicator is better suited for short term trading such as scalping and intraday trading.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: 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 i-OneThird.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)